Black Bear Capital Partners Arranges $10M Acquisition Loan For 118-key Boutique Hotel Suites In Tempe, AZ
1429 North Scottsdale Road
$10,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 10, 2022
About this deal
AI
The Boutique Hotel Suites and Extended Stay located at 1429 N Scottsdale Road in Tempe, AZ was recently acquired in a closed transaction. The hotel features 118-keys and was sold for an undisclosed price.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: Undisclosed
- Loan Amount: $10,000,000
- Loan Type: Acquisition
- Loan Terms: The acquisition of the Boutique Hotel Suites and Extended Stay, totaling 118-keys, was acquired with a 1-year floating rate loan and interest-only payments for the entirety of the term.
- Broker: Suraj Desai - Black Bear Capital Partners
The deal was facilitated by Suraj Desai from Black Bear Capital Partners, who represented the buyer in securing a $10,000,000 acquisition loan. The terms of the loan include a 1-year floating rate and interest-only payments throughout the loan term.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93