Updated Oct 10, 2026
EKN Development Secures $67.1M Construction Loan For Sand City Hotel
880 Tioga Avenue
$67,100,000
$486/SF
Building Size
138,000 SF
Asset Type
Hotel
Closing
Dec 29, 2023
About this deal
AI
EKN Development has secured a construction loan and CPACE financing for the hotel located at 880 Tioga Avenue in Sand City. The property spans 138,000 square feet and is owned by EKN Development. The loan amount for this transaction is $67,100,000. The lenders involved in this deal are Hall Structured Finance and Nuveen Green Capital.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $67,100,000
- Date: 12/29/2023
- Address: 880 Tioga Avenue, Sand City
- Market: Sand City
- Lenders: Hall Structured Finance & Nuveen Green Capital
- Landlord: EKN Development
- Brokers: Jillian Mariutti & Robert Tonnessen - JLL
Jillian Mariutti and Robert Tonnessen from JLL represented EKN Development in this transaction.
On the Map
$67,100,000
$486/SF
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93