Surprise, AZ Hotel Refinanced For $8.1M By Suraj Desai - Black Bear Capital Partners
12477 West Bell Road, Surprise, Arizona 85378, United States
$8,100,000
Building Size
—
Asset Type
Hotel
Closing
Jun 28, 2022
About this deal
AI
The 86-key Days Inn Hotel located at 12477 W Bell Road in Surprise, AZ has undergone a refinancing transaction. The property, to be converted into an 86-key Candlewood Suites, has been refinanced with a 5-year fixed rate loan at 71% loan-to-value (LTV) ratio. The loan amount for this transaction is $8,100,000.
Summary of Transaction Details:
- Property Type: Hotel
- Transaction Amount: $8,100,000
- Address: 12477 W Bell Road, Surprise, AZ
- Market: Surprise, AZ
- Loan Type: Refinance
- Loan Terms: 5-year fixed rate loan with interest-only payments
- Broker: Suraj Desai - Black Bear Capital Partners
The property, originally a 60-key Days Inn Hotel, is being transformed into an 86-key Candlewood Suites. This refinancing deal provides an opportunity for the property to be repositioned and attract a different clientele. Suraj Desai of Black Bear Capital Partners represented parties involved in this transaction.
Players
Surprise Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.96%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93