Driftwood Capital Secures $115M Refinancing For Scottsdale Conference Center Resort
7700 East Mccormick Parkway
$115,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 18, 2023
About this deal
AI
Driftwood Capital has secured $115 million in refinancing for the Scottsdale McCormick Ranch, a conference center resort located at 7700 East McCormick Parkway in Scottsdale, AZ. The property, owned by Carlos J. Rodriguez, offers a conference center and resort amenities in a prime location.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $115,000,000
- Lender: MetLife Investment Management
- Landlord: Carlos J. Rodriguez - Driftwood Capital
MetLife Investment Management provided the refinancing loan for the Scottsdale McCormick Ranch. Carlos J. Rodriguez, representing Driftwood Capital, successfully secured the $115 million loan for the hotel property. This refinancing will provide financial stability and support for ongoing operations and improvements at the conference center resort.
On the Map
$115,000,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93