FINANCED
Sotherly Hotels Secures $35M Loan For Hotel Alba In Tampa
5303 West Kennedy Boulevard - Hotel Alba
Hotel
Financed 85 days ago
Summary
Loan
FLORIDA
Hotel
Sotherly Hotels Inc has secured a $35 million loan from Citi Real Estate Funding, with the Hotel Alba in Tampa, Florida serving as collateral. This loan will enable the company to repay existing debt and fulfill its corporate requirements. The success of Sotherly Hotels' repositioning strategy has been evident, generating over $10 million in cash proceeds.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $35,000,000 loan
- Address: 5303 West Kennedy Boulevard, Tampa, Florida
- Market: Tampa
- Lender: Citi Real Estate Funding
- Landlord: Dave Folsom - Sotherly Hotels Inc
Dave Folsom, representing Sotherly Hotels Inc, played a significant role in securing this loan. The fixed-rate, interest-only loan provides the necessary support for Sotherly Hotels' corporate needs, while also reflecting a successful repositioning strategy.
Details
FINANCED
IMAGE: Dave Folsom
DATE: 02/15/2024
ADDRESS: 5303 West Kennedy Boulevard - Hotel Alba
MARKET: Tampa
ASSET TYPE: Hotel
LENDER: Citi Real Estate Funding
LANDLORD: Dave Folsom - Sotherly Hotels Inc (@SotherlyHotels)
LOAN AMOUNT: $35,000,000
LOAN TERMS: interest-only
NOTE: Sotherly Hotels obtained a $35 million loan from Citi Real Estate Funding, using Hotel Alba in Tampa, Florida, as collateral. The fixed-rate loan will repay existing debt and support corporate needs, reflecting the success of their repositioning strategy and generating over $10 million in cash proceeds.View on map
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Address5303 West Kennedy Boulevard - Hotel Alba
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