Radco Cos. Obtains $83.3M Loan For Hotel Portfolios In Panama City, Pensacola, And Saint Petersburg
FINANCED
$83,300,000
Florida
See Similar DealsHotel
Financed 01/12/2022
FINANCED
Radco Cos. Obtains $83.3M Loan For Hotel Portfolios In Panama City, Pensacola, And Saint Petersburg
905 East 23rd Street, Panama City, Florida 32405, United States
See Similar DealsHotel
Financed 01/12/2022
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Loan
The property involved in this closed transaction is a hotel located at 905 East 23rd Place, 451 Creighton Road, 300 4th St N, 15505 Front Beach Rd, 7718 Front Beach Road & 7710 Front Beach Road, spanning across the markets of Panama City, Pensacola, and Saint Petersburg. The hotel consists of 583 keys and is owned by The Radco Cos.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $83,300,000
- Loan Terms: five-year term, a fixed rate, a two-year interest-only, non-recourse loan
The brokers involved in this deal were Greg Porter & Mike Armstrong of HREC Investment Advisors, representing the buyer and the seller. The loan provided for this transaction amounted to $83,300,000 and had a five-year term with a fixed rate. The loan also included a two-year interest-only period and was non-recourse.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$83,300,000.00
Monthly NOI$555,333.33
Monthly Debt Service$526,512.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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