Arden Companies And Crescent Real Estate Secure $47M Refinance Loan For Tampa Hotel
4860 West Kennedy Boulevard
$47,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 17, 2023
AI
An undisclosed hotel property located at 4860 West Kennedy Boulevard in Tampa has undergone a refinancing transaction. The loan amount for this deal was $47,000,000. The property is owned by Arden Companies, with Craig Spencer representing as the landlord. Crescent Real Estate also has a stake in the property, with Jason E. Anderson and Conrad Suszynski as their representatives. The LCP Group, Benefit Street, and Beach Point Capital Management provided the financing for this transaction, with Francis Lively, Thomas Gahan, Scott Klein, and Carl Goldsmith representing each lender respectively. The landlord was assisted by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, and Tyler Dumon of Newmark.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $47,000,000
- Address: 4860 West Kennedy Boulevard, Tampa
- Market: Tampa
The key individuals involved in this deal include Craig Spencer from Arden Companies, Jason E. Anderson and Conrad Suszynski from Crescent Real Estate, Francis Lively from The LCP Group, Thomas Gahan from Benefit Street, and Scott Klein and Carl Goldsmith from Beach Point Capital Management. The Newmark team, consisting of Dustin Stolly, Jordan Roeschlaub, Nick Scribani, and Tyler Dumon, provided representation for the landlord in this transaction.
Players
Tampa 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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93