Updated Dec 21, 2023
Suraj Desai's LackBearCapitalPartners Refinances 76-Key Holiday Inn & Suites In Banning, CA For $7.7M
3020 West Ramsey Street, Banning, California, USA
$7,700,000
$228/SF
Building Size
33,708 SF
Asset Type
Hotel
Closing
Sep 15, 2021
About this deal
AI
Suraj Desai of BlackBear Capital Partners facilitated the refinance of a 76-key Holiday Inn & Suites located at 3020 W. Ramsey Street in Banning, CA. The property, consisting of 76 hotel rooms, was refinanced for a loan amount of $7,700,000. The loan was obtained on a 10-year term at a fixed interest rate of 3.73%.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,700,000
- Address: 3020 W. Ramsey Street, Banning, CA
- Market: Banning, CA
- Keys: 76
The successful refinancing of the Holiday Inn & Suites was facilitated by Suraj Desai of BlackBear Capital Partners. The 10-year term loan at a fixed interest rate of 3.73% provides a favorable financial arrangement for the property owner, enhancing the overall stability and profitability of the asset.
Players
Banning 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
2.06%
Cash-on-Cash
-0.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93