Radco Cos. Obtains $83.3M Loan For Hotel Portfolios In Panama City, Pensacola, And Saint Petersburg

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.