MetLife Investment Management Provides $16.85M Loan For Acquisition Of Aloft Phoenix-Airport Hotel
4450 East Washington Street Phoenix, Arizona 85034, USA
$16,850,000
Building Size
—
Asset Type
Hotel
Closing
Aug 11, 2023
AI
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.
Players
Phoenix 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
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93