Silverpeak Provides $26.5M Loan For Hotel In Pismo Beach
601 Cypress Street, Pismo Beach, CA, USA
$26,500,000
$5,300/SF
Building Size
5,000 SF
Asset Type
Hotel
Closing
Feb 24, 2019
AI
The hotel located at 601 Cyprus Street in Pismo Beach, has recently been involved in a closed transaction. The loan amount for this transaction was $26,500,000. The lender for this transaction was Silverpeak. The property is owned by Somera Capital Management. The market value of the property was not disclosed.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $26,500,000
- Address: 601 Cyprus Street
- Market: Pismo Beach
Elliott Eichner and Patrick Brown from Sonnenblick-Eichner served as the brokers for this transaction.
Players
Pismo Beach 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
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93