PTM Partners, Dovehill Capital, And Berkadia Secure $42M Joint Venture Loan For St. Petersburg Hotel
1234 Central Avenue, St Petersburg, Florida 33701, United States
$42,000,000
$2,625/SF
Building Size
16,000 SF
Asset Type
Hotel
Closing
May 16, 2022
About this deal
AI
A joint venture equity capitalization loan of $42,000,000 was secured for a hotel property located at 1234-1246 Central Ave in St. Petersburg. The hotel has a total of 163 rooms and spans 16,000 square feet.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $42,000,000
- Keys: 163
- Square Footage: 16,000
- Address: 1234-1246 Central Ave, St. Petersburg
The loan was provided by forbright''>Forbright. PTM Partners, represented by Michael Tillman, Scott Meyer, Nicholas Pantuliano, and Dovehill Capital, represented by Jake Wurzak, are the landlords of the property. The brokers involved in the deal are Scott Wadler, Alec Fox, and Preston Reid of Berkadia.
Players
Saint Petersburg Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93