Cronheim Hotel Capital Arranges $15.4M Refinance Loan For Hyatt Place Chicago
5225 South Harper Avenue
$15,400,000
Building Size
—
Asset Type
Hotel
Closing
May 20, 2024
About this deal
AI
The Hyatt Place Chicago South University Medical Center, located at 5225 South Harper Avenue in Chicago, has secured a $15.4 million refinancing loan. The loan, arranged by David Poncia of Cronheim Hotel Capital, features a floating interest rate and was provided by a Southeast-based bank.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $15,400,000
- Landlord: Smart Hotels; The Olympia Cos.
- Broker: David Poncia - Cronheim Hotel Capital
- Loan Type: Refinance
- Address: 5225 South Harper Avenue - Hyatt Place Chicago South University Medical Center
- Market: Chicago
The financing for the Hyatt Place Chicago South University Medical Center marks another successful deal orchestrated by David Poncia of Cronheim Hotel Capital, emphasizing his expertise in securing favorable loan terms for hotel properties.
On the Map
$15,400,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.03%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93