Maui Four Seasons loan transferred
A $250 million loan on the Four Seasons Resort Maui at Wailea was transferred Wednesday to a special servicer after owner MSD Capital LP, owned by billionaire Michael Dell, defaulted on the note, according to Fitch Ratings.
The special servicer, which refers to companies that specialize in dealing with loans in default, is CWCapital Asset Management LLC.
The note is part of a whole loan balance of $425 million that was split into two mortgages, according to the Wall Street Journal. The loan was 30-days delinquent as of March 12.
The loan was provided by Deutsche Bank in December 2006, when the property’s value was appraised at $600 million. The value is now estimated at around $190 million, according to Fitch.
New York-based MSD Capital, the firm that handles investments for Dell, bought the resort and its 380-room hotel on 15 oceanfront acres of Maui’s coastline for $280 million in June 2004.