Updated Oct 25, 2024
American Riviera Bank Provides $13M Refinance Loan For Santa Barbara Hotel
109 Bath St Santa Barbara, CA 93101, USA
$13,000,000
$259/SF
Building Size
50,094 SF
Asset Type
Hotel
Closing
May 18, 2023
About this deal
AI
Located at 109 Bath Street in Santa Barbara, CA, this hotel property encompasses a total area of 50,094 square feet. The property was involved in a recent closed transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $13,000,000
- Date: 05/18/2023
- Lender: American Riviera Bank
- Landlord: Edward George
- Broker: Dean Ofer - Harborview Capital Partners
- Loan Type: Refinance
- Loan Terms: 5.67% rate, 7-year fixed, $2M in cash-out proceeds
The deal was facilitated by Dean Ofer, representing Harborview Capital Partners. American Riviera Bank provided a loan amount of $13,000,000 for the refinance. The loan terms include a 5.67% interest rate, a 7-year fixed period, and $2 million in cash-out proceeds.
On the Map
$13,000,000
$259/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93