Updated Dec 4, 2024
Hall Group Secures $46M C-PACE Loan From Peachtree Group For Thompson Palm Springs Hyatt Hotel
414 North Palm Canyon Drive
$46,000,000
Building Size
—
Asset Type
Hotel
Closing
Dec 27, 2023
About this deal
AI
The Hall Group, based in Dallas, has secured a $46 million C-PACE loan from Peachtree Group for the Thompson Palm Springs Hyatt hotel in Palm Springs. The hotel, set to open in May, consists of 168 keys and represents a significant investment in the area.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $46,000,000
- Address: 414 North Palm Canyon Drive - Thompson Palm Springs
- Market: Palm Springs
- Lender: Peachtree Group - Jared Schlosser
- Landlord: Hall Group - Craig Hall
- Loan Type: Refinance
Jared Schlosser from Peachtree Group facilitated the loan for the Hall Group, covering lighting, plumbing, wiring, and seismic enhancements for the Thompson Palm Springs Hyatt hotel. This financing represents 34.5% of the hotel's value and approximately 29% of development costs.
On the Map
$46,000,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93