Stonehill Provides $73.8M Bridge Loan For Santa Monica Hotel
FINANCED
$73,800,000
California
See Similar DealsHotel49,776 SF
Financed 03/31/2022
FINANCED
Stonehill Provides $73.8M Bridge Loan For Santa Monica Hotel
1415 Ocean Avenue, Santa Monica, California 90401, United States
See Similar DealsHotel49,776 SF
Financed 03/31/2022
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$1,482
Total Square Footage:49,776 SF
Transaction Type:Loan
The property involved in this transaction is a hotel located at 1415 Ocean Avenue in Santa Monica. The hotel consists of 84 keys and is owned by BLVD Hospitality & ESI Ventures. The loan amount for this transaction is $73,800,000, and the loan type is bridge. Stonehill, represented by Keegan Bisch, is the lender in this deal.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $73,800,000
- Address: 1415 Ocean Avenue, Santa Monica
- Market: Santa Monica
- Loan Type: Bridge
- Lender: Stonehill - Keegan Bisch
- Landlord: BLVD Hospitality & ESI Ventures
In addition to Stonehill, Keegan Bisch represents the lender in this transaction. The involvement of BLVD Hospitality & ESI Ventures as the landlord further highlights the key individuals and companies involved in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$73,800,000.00
Monthly NOI$492,000.00
Monthly Debt Service$466,466.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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