Suraj Desai's LackBearCapitalPartners Facilitates $7M Acquisition Loan For 105-Key Hotel In Peoria, IL
300 West Romeo B Garrett Avenue, Peoria, IL 61605, USA
$7,000,000
Building Size
—
Asset Type
Hotel
Closing
Oct 29, 2021
About this deal
AI
A 105-key hotel located at 300 W Romeo B Garrett Avenue in Peoria, IL has been refinanced through an acquisition loan. The loan amount for this transaction was $7,000,000 and the loan type is an acquisition loan. The loan terms include a 3-year floating rate term with interest only payments throughout the duration of the term.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,000,000
- Address: 300 W Romeo B Garrett Avenue, Peoria, IL
- Market: Peoria, IL
- Keys: 105
The hotel refinancing deal was facilitated by Suraj Desai of BlackBear Capital Partners, who served as the broker for this transaction.
Players
Peoria Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93