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321 17th Street

The LCP Group Refinances Denver Hotel Complex For $85 Million Loan
FINANCEDHotel

The LCP Group Refinances Denver Hotel Complex For $85 Million Loan

321 17th Street

$85,000,000

Building Size

Asset Type

Hotel

Closing

Feb 7, 2024

AI

The LCP Group has orchestrated an $85 million refinancing deal for a Denver hotel complex located at 321 17th Street in Denver, CO. The hotel complex includes the iconic Brown Palace Hotel and Spa Autograph Collection alongside the Holiday Inn Express Denver Downtown, totaling 474 keys.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $85,000,000
  • Address: 321 17th Street
  • Market: Denver, CO
  • Lender: Bryan Martoken - Benefit Street Partners Realty, E. Robert Roskind - The LCP Group & Michael J. Arougheti - Ares Management
  • Landlord: John Goff - Crescent Real Estate

The key individuals behind this refinancing deal are Bryan Martoken from Benefit Street Partners Realty, E. Robert Roskind representing The LCP Group, Michael J. Arougheti from Ares Management, and John Goff of Crescent Real Estate.

Players

Benefit Street Partners Realty
Benefit Street Partners RealtyLender

Denver 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

0.19%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93