CSRE Group Secures $32M Construction Loan For Farmington Hotel
FINANCED
$32,000,000
Connecticut
See Similar DealsHotel639,461 SF
Financed 10/13/2021
FINANCED
CSRE Group Secures $32M Construction Loan For Farmington Hotel
15 Farm Springs Road, Farmington, CT 06032
See Similar DealsHotel639,461 SF
Financed 10/13/2021
Summary
CONNECTICUT
Asset Type:Hotel
Price Per Square Foot:$50
Total Square Footage:639,461 SF
Transaction Type:Loan
The asset involved in the transaction is a hotel located at 15 Farm Springs Road in Farmington, CT, with a total of 381 keys. The loan amount secured for the construction is $32,000,000, structured as a two-year floating-rate loan.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $32,000,000
- Lender: Kriss Capital
- Lender Representative: Jody Kriss
- Landlord: CSRE Group
- Brokers: Tom Wayda & Russ Drebin - Meridian Capital Group
- Loan Type: Construction
- Loan Terms: two-year, floating-rate loan
The transaction was facilitated by brokers Tom Wayda and Russ Drebin from Meridian Capital Group, who represented the deal. The lender for this construction loan was Kriss Capital, represented by Jody Kriss, while CSRE Group served as the landlord.
Players
BROKERAGE
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,000,000.00
Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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