Finvarb Group Secures $24 Million Refinance For Residence Inn Tempe Downtown/University Hotel
510 South Forest Avenue
$24,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 30, 2024
About this deal
AI
A refinancing transaction has occurred involving a 173-room hotel located at 510 South Forest Avenue in Tempe, AZ. The property is known as the Residence Inn Tempe Downtown/University. The loan amount secured for this asset is $24 million.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $24,000,000
- Loan Date: 10/30/2024
- Lender: Barings
- Lender's Representative: Tom Cross
- Landlord: Finvarb Group
- Brokers: Ben W. Greazel & Cody Simmons - Colliers
This transaction was facilitated by Colliers, which was responsible for arranging the financing, while Barings provided the refinancing. The deal was specifically for the hotel asset that serves the nearby Arizona State University area.
On the Map
$24,000,000
Hotel
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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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93