LMF Commercial Loans $6.5M To Hemet, CA Hotel For Refinancing
FINANCED
$6,500,000
California
See Similar DealsHotel28,772 SF
Financed 07/06/2023
FINANCED
LMF Commercial Loans $6.5M To Hemet, CA Hotel For Refinancing
Hotel28,772 SF
Financed 07/06/2023
Summary
Asset Type:Hotel
Price Per Square Foot:$225
Total Square Footage:28,772 SF
Transaction Type:Loan
A hotel property in Hemet, CA has recently undergone a refinancing transaction. The property spans approximately 28,772 square feet and is located in the Hemet market. The loan amount for this transaction was $6,500,000. The loan type is a refinance, and the terms include a 10-year term with a 30-year amortization schedule. A unique aspect of this loan is the option for full cash-out.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $6,500,000
- Market: Hemet, CA
- Loan Type: Refinance
- Loan Terms: CMBS, 10-year term, 30-year amortization, full cash out
The lender for this transaction was LMF Commercial, represented by Nihad Choudhury. Assisting in the deal were Rushi Shah and Prabhat Jayara from Mag Mile Capital, serving as the brokers. These individuals played an integral role in facilitating the refinancing process and ensuring a successful outcome for all parties involved.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,500,000.00
Monthly NOI$43,333.33
Monthly Debt Service$41,084.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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