PACE Loan Group Closes $13.82M C-PACE Loan For Kissimmee Hotel Conversion
2950 Reedy Creek Boulevard Kissimmee, Florida 34747, USA
$13,820,000
Building Size
—
Asset Type
Hotel
Closing
Jul 24, 2023
About this deal
AI
A Kissimmee hotel located at 2950 Reedy Creek Boulevard has secured a refinancing loan of $13,820,000 from PACE Loan Group. The loan, facilitated in partnership with the Florida Development Finance Corporation, aims to convert the hotel into workforce housing. With a total of 151 keys, this property will undergo renovations, anticipated to be completed by May 2024.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $13,820,000
- Address: 2950 Reedy Creek Boulevard, Kissimmee
- Market: Kissimmee
- Lender: PACE Loan Group
- Loan Type: Refinance
This financing deal represents the largest C-PACE loan in Central Florida and the third largest in the history of the Florida Development Finance Corporation's C-PACE program. The collaboration between PACE Loan Group and the Florida Development Finance Corporation highlights their commitment to transforming the Kissimmee hotel into much-needed workforce housing. The project is set to bring positive changes to the area and accommodate the demands of the local workforce.
Players
Kissimmee 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
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93