Updated Oct 29, 2024
Dream Hollywood Secures $33.3M Refinancing Loan From LCP Group And Safanad
6417 Selma Ave - The Dream Hollywood
$33,300,000
Building Size
—
Asset Type
Hotel
Closing
Apr 12, 2023
About this deal
AI
The Dream Hollywood is a 178-key hotel located at 6417 Selma Ave in the Hollywood neighborhood of Los Angeles. The property recently secured a $33.3 million refinancing loan from LCP Group and Safanad. It serves as the West Coast flagship of Dream and offers a multitude of amenities including a rooftop pool deck, Tao Restaurant, Beauty & Essex, the Highlight Room, and 3,000 square feet of meeting and event space. The hotel's prime location, just one block off Hollywood Boulevard, makes it a popular destination for both travelers and locals.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $33,300,000
- Address: 6417 Selma Ave - The Dream Hollywood
- Market: Hollywood
- Keys: 178
- Lender: LCP Group & Safanad
- Landlord: The Relevant Group - Grant King
- Loan Type: Refinancing Loan
The loan for The Dream Hollywood's refinancing was provided by LCP Group and Safanad. The Relevant Group, represented by Grant King, serves as the landlord of the property. This transaction secures the future of the hotel and allows it to continue being a prominent establishment in the heart of Hollywood.
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$33,300,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93