Eagle Four Partners Acquires Hotel In Newport Beach For $146M Loan From ACORE Capital
FINANCED
$146,000,000
California
See Similar DealsHotel1,823 SF
Financed 02/24/2022
FINANCED
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
See Similar DealsHotel1,823 SF
Financed 02/24/2022
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$80,087
Total Square Footage:1,823 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$146,000,000.00
Monthly NOI$973,333.33
Monthly Debt Service$922,819.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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