EKN Development Secures $24.5M Construction Loan For Tempe Hotel
FINANCED
$24,500,000
Arizona
See Similar DealsHotel
Financed 11/10/2022
FINANCED
EKN Development Secures $24.5M Construction Loan For Tempe Hotel
1921 East Rio Salado Parkway, Tempe, Arizona 85281, United States
See Similar DealsHotel
Financed 11/10/2022
Summary
ARIZONA
Asset Type:Hotel
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,500,000.00
Monthly NOI$163,333.33
Monthly Debt Service$154,856.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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