Acres Capital Provides $85.75M Loan For Delray Beach Hotel By Menin Development
FINANCED
$85,750,000
Florida
See Similar DealsHotel895 SF
Financed 06/30/2020
FINANCED
Acres Capital Provides $85.75M Loan For Delray Beach Hotel By Menin Development
233 Northeast 2nd Avenue, Delray Beach, Florida, USA
See Similar DealsHotel895 SF
Financed 06/30/2020
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$95,810
Total Square Footage:895 SF
Transaction Type:Loan
The hotel located at 233 NE 2nd Avenue in Delray Beach, FL, was recently involved in a closed property transaction. The transaction took place on June 30, 2021, and the property was financed through a loan provided by Acres Capital. The loan amount for this transaction was $85,750,000. Menin Development, represented by Craig Menin, acted as the landlord in this deal. The brokers involved in the transaction were Richard Horowitz and Justin Horowitz from CooperHorowitz LLC.
Summary of Transaction Details
- Property Type: Hotel
- Transaction Amount: $85,750,000
Richard Horowitz and Justin Horowitz from CooperHorowitz LLC played a key role as brokers in this transaction. They represented the buyer, seller, landlord, or tenant in this deal. This closed property transaction showcases the collaboration between various individuals and companies to facilitate the purchase or lease of the hotel property in Delray Beach, FL.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$85,750,000.00
Monthly NOI$571,666.67
Monthly Debt Service$541,998.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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