Blackstone Sells Tamarac Hotel On Madison Avenue To F&F For $17.8M
5701 Madison Avenue, Tamarac, Florida 33321, United States
$17,800,000
$249/SF
Building Size
71,265 SF
Asset Type
Hotel
Closing
Nov 1, 2022
About this deal
AI
The property involved in this transaction is a hotel located at 5701 Madison Avenue in Tamarac. It spans over 3.1 acres and belongs to Stephen A. Schwarzman.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $17,800,000
- Address: 5701 Madison Avenue, Tamarac
- Market: Tamarac
- Acres: 3.1
The buyer of this property is F&F, represented by Ramzan & Amin Gulamali. On the other hand, the seller is Blackstone, with Stephen A. Schwarzman as their representative. The lender involved in this transaction is Ocean Bank.
Some additional details of the deal include the transfer of 113 keys, and a price per key (PPK) of $157,522. The total square footage of the property is 71,265, with a price per square foot (PPSF) of $250.
Players
Tamarac Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93