Garrett Fierstein Of Marcus & Millichap Capital Corporation Secures $7.76M Loan For Cocoa Hotel

The asset involved in this transaction is a hotel with 154 units, located at 900 Friday Road in Cocoa, FL. The property is characterized as an extended-stay hotel, and the total loan amount arranged for this asset is $7,764,750, secured by a local credit union.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $7,764,750
• Loan Terms: 10-year loan, 7.25% interest rate, 25-year amortization period, 60% loan-to-value
• Broker: Garrett Fierstein
• Agency: Marcus & Millichap Capital Corporation
• Market: Cocoa

The financing for Cocoa Lofts, an extended-stay property, was arranged by Garrett Fierstein representing Marcus & Millichap Capital Corporation on behalf of a private client. The structured loan is part of a long-term financing strategy for the property.