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MetLife Investment Management Provides $16.85M Loan For Acquisition Of Aloft Phoenix-Airport Hotel
FINANCED
$16,850,000
Arizona
See Similar DealsHotel
Financed 08/11/2023
FINANCED
MetLife Investment Management Provides $16.85M Loan For Acquisition Of Aloft Phoenix-Airport Hotel
4450 East Washington Street Phoenix, Arizona 85034, USA
See Similar DealsHotel
Financed 08/11/2023
Summary
ARIZONA
Asset Type:Hotel
Transaction Type:Loan
The Aloft Phoenix-Airport Hotel, a 143-room property located at 4450 East Washington Street in Phoenix, AZ, has been acquired with the support of a $16.85 million loan provided by MetLife Investment Management. The loan will be used for the acquisition of the hotel, offering financial assistance to the buyer, RADCO Cos.
Summary of Transaction Details
- Property Type: Hotel
- Transaction Amount: $16,850,000
- Address: 4450 East Washington Street, Phoenix, AZ
- Market: Phoenix, AZ
- Lender: MetLife Investment Management
- Landlord: RADCO Cos
MetLife Investment Management has provided a loan of $16.85 million to facilitate the purchase of the Aloft Phoenix-Airport Hotel. The financing agreement supports the acquisition of the 143-room property, demonstrating MetLife's confidence in the investment potential of the hotel.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,850,000.00
Monthly NOI$112,333.33
Monthly Debt Service$106,503.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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