Michael J. Gefter Secures $6 Million Loan For Hotel On Read Blvd In New Orleans
5801 Read Blvd
$6,000,000
$92/SF
Building Size
65,184 SF
Asset Type
Hotel
Closing
Mar 15, 2022
About this deal
AI
The property involved in this transaction is a hotel located at 5801 Read Blvd in New Orleans. The loan amount for this transaction is $6,000,000.00.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $6,000,000.00
- Address: 5801 Read Blvd
- Market: New Orleans
- Brokers: Michael J. Gefter
The broker representative for this deal is Michael J. Gefter, who facilitated the loan transaction for the hotel property located in New Orleans.
The hotel loan at 5801 Read Blvd in New Orleans, Louisiana financed for $6M in 2022. The building is 65,184 square feet, implying about 92 per square foot on the published price. Named participants on the 5801 Read Blvd loan are Michael J. Gefter. This page is the New Orleans, Louisiana file for the 5801 Read Blvd hotel financed: pricing, party profiles, and other closed hotel comps from the same New Orleans sit in the Market section below. Filter that New Orleans hotel set by closing date to see what else financed near 5801 Read Blvd around 2022. Published consideration for 5801 Read Blvd is $6M, dated 2022. Cite this Michael J. Gefter Secures $6 Million Loan For Hotel On Read Blvd In New Orleans loan when underwriting similar hotel product around New Orleans, Louisiana.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93