PACE Loan Group Arranges $6.2M C-PACE Loan For Northbrook Marriott Refinancing In Illinois
933 Skokie Boulevard
$6,200,000
Building Size
—
Asset Type
Hotel
Closing
Sep 29, 2023
About this deal
AI
The Northbrook Marriott in Northbrook, Illinois, has undergone a refinancing transaction, including a $6.2 million C-PACE loan arranged by Matthew McCormack of PACE Loan Group. The hotel property, located at 933 Skokie Boulevard, consists of 391 keys and has recently completed improvements such as roofing and HVAC upgrades. These enhancements are estimated to generate annual savings of $1 million.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $6,200,000
- Address: 933 Skokie Boulevard, Northbrook, Illinois
- Market: Northbrook
- Keys: 391
Matthew McCormack, Senior VP at PACE Loan Group, served as the broker in this recapitalization deal for the Northbrook Marriott. The $6.2 million C-PACE loan covered the cost of past improvements, ensuring the hotel's energy efficiency and overall functionality. McCormack's expertise and involvement in securing the loan played a crucial role in the successful refinancing of the Northbrook Marriott.
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$6,200,000
Hotel
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Northbrook Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93