Driftwood Capital Secures $60M Refinance Loan For Cocoa Beach Hotel With Bank Of America
1550 North Atlantic Avenue
$60,000,000
Building Size
—
Asset Type
Hotel
Closing
Dec 21, 2023
About this deal
AI
The hotel located at 1550 North Atlantic Avenue in Cocoa Beach has undergone a refinancing transaction. The property is owned by Driftwood Capital and the lender for the refinancing is Bank of America. The loan amount for this transaction is $60,000,000. It is a three-year, full-term interest-only loan provided by a national bank.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $60,000,000
- Lender: Bank of America
- Owner: Driftwood Capital
- Brokers: Alec Fox, Edmund Aramayo, Michael Weinberg, Scott Wadler - Berkadia
- Loan Type: Refinance
- Loan Term: Three years
The refinancing deal involved key individuals and companies, including brokers Alec Fox, Edmund Aramayo, Michael Weinberg, and Scott Wadler from Berkadia who represented the parties in the transaction.
On the Map
$60,000,000
Hotel
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Players
Cocoa Beach 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
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93