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Driftwood Hospitality Management Secures $46.5M Loan For Fort Lauderdale Hotel

Property Image
FINANCED
$46,500,000
Steven Buchwald
Lexington Henn
Jordan Ray

Florida

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Hotel204,508 SF
Financed 10/19/2021
the dealplayerscompscontact
Property Image
FINANCED

Driftwood Hospitality Management Secures $46.5M Loan For Fort Lauderdale Hotel

315 Northwest 1st Avenue, Fort Lauderdale, FL, USA

See Similar Deals
Hotel204,508 SF
Financed 10/19/2021
Steven Buchwald
Lexington Henn
Jordan Ray
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$227
Total Square Footage:204,508 SF
Transaction Type:Loan

The hotel located at 315 Northwest 1st Ave in Fort Lauderdale has been involved in a recent transaction. The property, with a size of 204,508 square feet and 218 keys, was the subject of a closed deal. The transaction took place on October 19, 2021, and the loan amount for the deal was $46,500,000.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $46,500,000
  • Address: 315 Northwest 1st Ave
  • Market: Fort Lauderdale
  • Size: 204,508 square feet
  • Keys: 218

The transaction was facilitated by the real estate firm Mission Capital Advisors, with brokers Jordan Ray, Lexington Henn, and Steven Buchwald representing the parties involved. Driftwood Hospitality Management served as the landlord in this deal.

Players

Jordan Ray
Institutional Property Advisors
Jordan Ray
15 deals$637.1M volume(646) 470-2001
BROKER
Steven Buchwald
Institutional Property Advisors
Steven Buchwald
23 deals$1.1B volume
BROKER
Lexington Henn
Institutional Property Advisors
Lexington Henn
12 deals$354.8M volume
BROKER
DM
Driftwood Hospitality Management
LANDLORD

Details

FINANCED
IMAGE: Lexington Henn, Jordan Ray & Steven Buchwald DATE: 10/19/2021 ADDRESS: 315 Northwest 1st Ave MARKET: Fort Lauderdale ASSET TYPE: Hotel ~ SF: 204,508 ~ KEYS: 218 LANDLORD: Driftwood Hospitality Management BROKERS: Jordan Ray (@JordRay1), Lexington Henn (@HennHouse9) & Steven Buchwald (@AgentBuch6) - Mission Capital Advisors (@Mission.Capital) LOAN AMOUNT: $46,500,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$46,500,000.00

Monthly NOI$310,000.00
Monthly Debt Service$293,911.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00