Updated Jan 21, 2025
Joel Westle Of Marcus & Millichap Capital Corporation Secures $3.7M Loan For The Potter Hotel
1288 Mission Street
$3,700,000
Building Size
—
Asset Type
Hotel
Closing
Jan 16, 2025
About this deal
AI
The Potter Hotel, located at 1288 Mission Street in San Francisco, is a hotel asset with 105 keys and three commercial units. The property has been involved in a financing transaction amounting to $3,700,000, which supports the acquisition financing for the project.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $3,700,000
- Loan Terms: One-year loan including full-term interest-only
- Loan Rate: 9.75%
- Broker: Joel Westle
- Broker Agency: Marcus & Millichap Capital Corporation
- Date: 01/16/2025
Joel Westle of Marcus & Millichap Capital Corporation arranged the loan on behalf of a private client, securing financing from a local mortgage fund. This deal emphasizes the focus on short-term investment strategies within the San Francisco hotel market.
Players
San Francisco 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
4.29%
Cash-on-Cash
-1.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93