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407 Miracle Strip Parkway S...

Sammy Gil Of Fairwinds Credit Union Provides $7.65M Refinance Loan For Fort Walton Beach Hotel
FINANCEDHotel

Sammy Gil Of Fairwinds Credit Union Provides $7.65M Refinance Loan For Fort Walton Beach Hotel

407 Miracle Strip Parkway Southwest

$7,650,000

$168/SF

Building Size

45,282 SF

Asset Type

Hotel

Closing

Feb 6, 2025

AI

The property asset involved in this transaction is a hotel located at 407 Miracle Strip Parkway Southwest in Fort Walton Beach. It features a total of 80 keys and encompasses a square footage of 45,282. The loan associated with this property is a refinance valued at $7,650,000.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $7,650,000
  • Address: 407 Miracle Strip Parkway Southwest
  • Market: Fort Walton Beach
  • Asset Size: 80 keys
  • Total Square Footage: 45,282
  • Lender: Sammy Gil - Fairwinds Credit Union
  • Attorney: Adam J. Weiss & Sebastian Bohorquez - Weiss Law
  • Loan Type: Refinance

The deal involved key individuals including Sammy Gil of Fairwinds Credit Union who served as the lender. Additionally, the legal representation was provided by Adam J. Weiss and Sebastian Bohorquez from Weiss Law, highlighting the professional support behind the transaction.

Players

Fairwinds Credit Union
Fairwinds Credit UnionLender

Fort Walton 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

2.07%

Cash-on-Cash

-0.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93