Updated Oct 28, 2024
Eagle Four Partners Acquires Hotel In Newport Beach For $146M Loan From ACORE Capital
690 Newport Center Drive East, Newport Beach, California 92660, United States
$146,000,000
$80,087/SF
Building Size
1,823 SF
Asset Type
Hotel
Closing
Feb 23, 2022
About this deal
AI
A hotel property located at 690 Newport Center Dr. in Newport Beach was involved in a closed transaction. The loan was provided by ACORE Capital for an amount of $146,000,000. The loan terms were set at 5 years.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $146,000,000
- Lender: ACORE Capital
- Landlord: Eagle Four Partners - Kevin Martin, Kory Kramer, Joe Moody, Rick Weiner, and Todd Pickup
- Broker: Eastdil Secured
- Address: 690 Newport Center Dr.
- Market: Newport Beach
The individuals involved in the deal include Kevin Martin, Kory Kramer, Joe Moody, Rick Weiner, and Todd Pickup from Eagle Four Partners. The brokerage services were provided by Eastdil Secured.
Players
Newport 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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93