EKN Development Secures $24.5M Construction Loan For Tempe Hotel
1921 East Rio Salado Parkway, Tempe, Arizona 85281, United States
$24,500,000
Building Size
—
Asset Type
Hotel
Closing
Nov 10, 2022
AI
An EKN Development-owned hotel located at 1921 E Rio Salado Pkwy & 117 S Perry Lane in Tempe, AZ has secured a construction loan of $24,500,000. The hotel comprises 148 keys and is part of a new development project.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $24,500,000
- Address: 1921 E Rio Salado Pkwy & 117 S Perry Lane, Tempe, AZ
- Market: Tempe, AZ
- Asset Type: Hotel
- Keys: 148
The loan has been provided in the form of a construction loan. Jillian Marietta from JLL Capital represented the landlord, EKN Development, in this transaction.
Players
Tempe 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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93