FINANCEDHotel
Centennial Bank Provides $25M Construction Loan For Palmetto Hotel
600 US Highway 41 N, Palmetto, FL 34221
$25,000,000
Building Size
—
Asset Type
Hotel
Closing
Jan 28, 2022
About this deal
AI
The property involved in this transaction is a hotel located at 600 U.S. Highway 41 North in Palmetto. The hotel has a total of 252 keys, making it a sizable establishment in the area.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $25,000,000
- Address: 600 U.S. Highway 41 North
- Market: Palmetto
- Lender: Centennial Bank - John Allison
- Landlord: IN Development Partners & Aimbridge Hospitality
- Loan Type: Construction Loan
The lender involved in this transaction is Centennial Bank, represented by John Allison. The landlord of the property is IN Development Partners and Aimbridge Hospitality.
Players
Centennial BankLender
Palmetto Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93