Marcus & Millichap Arranges $15.06M Recapitilization Loan For St. Petersburg Hotel
77 11th St N St. Petersburg, FL 33705, USA
$15,060,000
$350/SF
Building Size
43,001 SF
Asset Type
Hotel
Closing
Jun 21, 2023
About this deal
AI
A hotel located at 77 11th Street North in St. Petersburg was recently involved in a recapitalization transaction. The hotel spans approximately 43,001 square feet and consists of 100 units. The deal was facilitated by Robert Bhat from Marcus & Millichap.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $15,060,000
- Loan Type: Recapitalization
- Loan Terms: Bank Terms - 65% Loan-to-Value (LTV), 7-Year Term with 24 Months Interest Only
Robert Bhat, representing Marcus & Millichap, played a key role in the transaction. For more information and competitive financing terms, please contact [email protected].
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.05%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93