Driftwood Capital Provides $44.5M Mezzanine Loan For Economy Hotel Portfolio In Florida And Georgia
Florida, United States
$44,500,000
Building Size
—
Asset Type
Hotel
Closing
Dec 9, 2022
About this deal
AI
The asset involved in this transaction is the Economy Hotel Portfolio, located across various markets including Orlando, Fort Lauderdale, Cocoa Beach, Dania Beach, Destin, Cutler Bay, Jacksonville, West Palm Beach, Florida Panhandle, and Georgia. The total loan amount obtained for this hotel portfolio is $44,500,000 through a mezzanine loan with a three-year term that includes two one-year extension options.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $44,500,000
- Lender: Driftwood Capital
- Representative: Carlos Rodriguez
- Loan Type: Mezzanine Loan
- Loan Terms: three-year, with two one-year extension options
Key individuals in this transaction include Carlos Rodriguez, who is the representative from Driftwood Capital, serving as the lender for the loan transaction. Their role was pivotal in facilitating the financial support needed for this hotel portfolio acquisition across multiple locations.
On the Map
$44,500,000
Hotel
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Players
Oxford Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93