Updated Dec 4, 2024
Gantry Arranges $8.7M Loan For Hard Rock Hotel Development In Long Beach
100 East Ocean Boulevard
$8,700,000
Building Size
—
Asset Type
Development Site
Closing
Nov 21, 2023
About this deal
AI
Amit Tyagi, Andy Bratt, Sean Kuang, and Stefan Malmlund of Gantry secured an acquisition loan of $8.7 million for the development site located at 100 East Ocean Boulevard in Long Beach. The loan, provided by an undisclosed lender, has interest-only terms at a fixed rate, with extension options.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,700,000
- Property Address: 100 East Ocean Boulevard, Long Beach
- Market: Long Beach
Gantry, represented by Amit Tyagi, Andy Bratt, Sean Kuang, and Stefan Malmlund, served as the brokers for the loan transaction. The financing supports Steinhauer Properties in their acquisition of the land for the development of a Hard Rock Hotel. Scheduled to begin construction in the summer of 2024, the hotel will feature 427 rooms, a rooftop bar, and various other amenities associated with the Hard Rock brand.
On the Map
$8,700,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93