EKN Development Group Secures $24.5M Construction Loan For 145-Key Hotel In Tempe, AZ
2222 South Priest Drive, Tempe, Arizona 85282, United States
$24,500,000
Building Size
—
Asset Type
Hotel
Closing
Jul 7, 2022
About this deal
AI
A hotel property located at 2222 South Priest Drive & 5223 South Priest Drive in Tempe, AZ has been involved in a closed transaction. The property consists of 145 keys and is owned by EKN Development Group.
Summary of transaction details
The loan for this transaction was provided by Hall Financial in the amount of $24,500,000. The loan type is construction and the terms of the loan were not disclosed. Jillian Mariutti and Bob Tonnessen from JLL Capital Markets represented the buyer and seller in this transaction.
On the Map
$24,500,000
Hotel
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Tempe Hotel Market Snapshot
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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