Stonehill Strategic Capital Provides $104M Construction Loan For Fort Myers Beach Resort
1111 North Ocean Drive, Hollywood Beach, Hollywood, FL, USA
$104,000,000
$156/SF
Building Size
666,326 SF
Asset Type
Other
Closing
Sep 8, 2021
About this deal
AI
A resort property located at 1111 North Ocean Drive in Fort Myers Beach has been involved in a recent transaction. The resort, owned by TPI Hospitality, was part of a loan deal facilitated by Stonehill Strategic Capital. The loan amount of $104,000,000 will contribute to the funding of the development, covering approximately 70 percent of the project's cost. The loan has a 42-month initial term with two possible extensions, and falls under the category of construction financing.
Summary of transaction details:
- Property Type: Resort
- Transaction Amount: $104,000,000
- Address: 1111 North Ocean Drive, Fort Myers Beach
- Market: Fort Myers Beach
The loan deal was facilitated by Stonehill Strategic Capital, with Mat Crosswy representing the lender. TPI Hospitality, the owner of the resort, was represented by Tom Torgerson, Bill Upshaw, and Chris Flagg as their landlord representatives.
Players
Hollywood Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93