Marcus & Millichap Capital Corporation Refinances Hotel In Fernandina Beach For $3.4M

On January 3, 2023, a refinancing loan was secured for a hotel property located at 98 South Fletcher Avenue in Fernandina Beach. The hotel consists of 24 keys and is situated in a desirable market.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $3,400,000
• Loan Type: Refinancing Loan
• Loan Terms: The 10-year loan features a fixed interest rate of 5.75% for the first seven years, a 25-year amortization period, and a 50% loan-to-value ratio.
• Brokers: Steve Goldwyn & David Purisch - Marcus & Millichap Capital Corporation

Steve Goldwyn and David Purisch, from Marcus & Millichap Capital Corporation, played a key role in facilitating the loan. They represented the parties involved in the transaction, ensuring a successful refinancing process for the hotel property.