Commercial Observer reported that Ensemble Investments secured $115 million in senior debt from Madison Realty Capital to refinance La Bahia Hotel & Spa, a 155-room luxury waterfront property in Santa Cruz, California. Opened in September 2025, La Bahia features Spanish Mediterranean architecture, nearly 14,000 square feet of event space, an indoor-outdoor spa, and three restaurants along the Monterey Bay waterfront. Madison was drawn to the property's beachfront positioning and the notable scarcity of comparable luxury hospitality assets in the Northern California market.

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