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2029 South Harbor Boulevard

PSRS Secures $9.1M Refinance Loan For Cortona Inn In Anaheim
FINANCEDHotel

PSRS Secures $9.1M Refinance Loan For Cortona Inn In Anaheim

2029 South Harbor Boulevard

$9,100,000

Building Size

Asset Type

Hotel

Closing

Apr 29, 2024

AI

The Cortona Inn and Suites, a hotel property located at 2029 South Harbor Boulevard in Anaheim, has undergone a refinancing deal worth $9,100,000. The hotel features 127 guest rooms and is conveniently situated near the Anaheim Convention Center and Disneyland.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $9,100,000
  • Address: 2029 South Harbor Boulevard, Anaheim
  • Market: Anaheim
  • Asset Type: Hotel
  • Keys: 127

Ari Zeen and Michael Thorp from PSRS- Pacific Southwest Realty Services played a crucial role in securing a seven-year loan of $9.1 million for the Cortona Inn and Suites through a bank execution on behalf of an undisclosed borrower.

Players

Michael Thorp

PSRS- Pacific Southwest Realty Services

Broker

$83.5M

vol

5 deals

Broker

Anaheim 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

1.74%

Cash-on-Cash

-0.50%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93