Carter Rise Of Sandpiper Hospitality Secures $12M Construction Loan For Development In Peoria
10725 North 91st Avenue
$12,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 11, 2024
AI
The property involved in this transaction is a development site located at 10725 North 91st Avenue in Peoria, AZ. The site is set to house a 124-room ECHO Suites Extended Stay, which is currently under development with a construction loan amounting to $12,000,000. The expected opening date for the extended stay hotel is September 2025.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Loan Type: Construction
- Landlord: Carter Rise - Sandpiper Hospitality
- Brokers: Robert Horton, John Choi & Ben Applebaum - Concord Summit
The construction loan was arranged by Concord Summit Capital to facilitate the development of the hotel by Sandpiper Hospitality. This arrangement showcases the collaboration between the financial institution and the hospitality company to meet the demands of the Peoria market.
Players
Peoria Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93