Wells Fargo Provides $8M Refinance Loan For Burr Ridge Hotel
FINANCED
$8,000,000
Illinois
See Similar DealsHotel
Financed 02/16/2023
FINANCED
Wells Fargo Provides $8M Refinance Loan For Burr Ridge Hotel
100 Harvester Drive
See Similar DealsHotel
Financed 02/16/2023
Summary
ILLINOIS
Asset Type:Hotel
Transaction Type:Loan
The 101-Key Hotel located at 100 Harvester Drive in Burr Ridge, IL underwent a refinancing transaction. The property is a hotel asset. Wells Fargo served as the lender for the transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $8,000,000
- Loan Type: Refinance
- Loan Terms: The 101-Key Hotel was refinanced with 50% Loan-to-Value (LTV) ratio and a 5-year term under Wells Fargo's Balance Sheet Program. Rushi Shah and Prabhat Jayara, representing Mag Mile Capital, acted as the originators for the loan.
- Landlord: Rehan Zaid
Rushi Shah and Prabhat Jayara from Mag Mile Capital served as the brokers for the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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