PGIM Real Estate Provides $150M Loan For 510 Water St Hotel In Tampa
510 Water Street, Tampa, Florida 33602, United States
$150,000,000
Building Size
—
Asset Type
Hotel
Closing
Jul 28, 2022
AI
The hotel located at 510 Water St in Tampa has been involved in a recent closed transaction. The property encompasses 56 acres and consists of 519 keys.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $150,000,000
- Address: 510 Water St
- Market: Tampa
- Keys: 519
- Acreage: 56 acres
The lender for this transaction was PGIM Real Estate, represented by Eric Adler. They provided a loan amount of $150,000,000 for the hotel. The loan terms stipulate that only interest payments are required throughout the entire 10-year term.
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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93