Urban Catalyst Acquires Hotel In Downtown San Jose With $48M Construction Loan
FINANCED
$48,000,000
California
See Similar DealsHotel
Financed 01/02/2023
FINANCED
Urban Catalyst Acquires Hotel In Downtown San Jose With $48M Construction Loan
491 W San Carlos St, San Jose, California 95110, United States
See Similar DealsHotel
Financed 01/02/2023
Summary
CALIFORNIA
Asset Type:Hotel
Transaction Type:Loan
Urban Catalyst has secured a construction loan from Poppy Bank for the development of a hotel in Downtown San Jose. The property, located at 491, 493 & 497 West San Carlos Street & 270 Josefa Street, will have 176 keys. The loan amount is $48,000,000.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $48,000,000
- Address: 491, 493 & 497 West San Carlos Street & 270 Josefa Street
- Market: Downtown San Jose
- Lender: Poppy Bank
- Landlord: Urban Catalyst - Erik Hayden
Erik Hayden, representing Urban Catalyst, played a key role in securing the construction loan from Poppy Bank for the development of the hotel in Downtown San Jose.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,000,000.00
Monthly NOI$320,000.00
Monthly Debt Service$303,392.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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