3650 REIT Provides $57.5M Loan For Hotel In Sarasota
1255 North Palm Avenue, Sarasota, Florida 34236, United States
$57,500,000
Building Size
—
Asset Type
Hotel
Closing
Jul 26, 2022
About this deal
AI
Located at 1255 North Palm Avenue in Sarasota, this hotel property was involved in a closed transaction. The hotel consists of 162 keys and is owned by Prime Hospitality Group.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $57,500,000
- Loan Details: 10-year loan from 3650 REIT - Toby Cobb
Toby Cobb, representing 3650 REIT, facilitated the loan for this transaction.
The hotel loan at 1255 North Palm Avenue, Sarasota, Florida 34236, United States in Sarasota, Florida financed for $57.5M in 2022. 1255 North Palm Avenue, Sarasota, Florida 34236, United States is classified as Hotel on Traded. This page is the Sarasota, Florida file for the 1255 North Palm Avenue, Sarasota, Florida 34236, United States hotel financed: pricing, party profiles, and other closed hotel comps from the same Sarasota sit in the Market section below. Filter that Sarasota hotel set by closing date to see what else financed near 1255 North Palm Avenue, Sarasota, Florida 34236, United States around 2022. Published consideration for 1255 North Palm Avenue, Sarasota, Florida 34236, United States is $57.5M, dated 2022. Cite this 3650 REIT Provides $57.5M Loan For Hotel In Sarasota loan when underwriting similar hotel product around Sarasota, Florida.
Players
Sarasota Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93