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Marcus & Millichap Capital Corporation Arranges $24M Refinance For Marriott Springfield Downtown Hotel
FINANCED
$24,000,000
Massachusetts
See Similar DealsHotel
Financed 06/27/2023
FINANCED
Marcus & Millichap Capital Corporation Arranges $24M Refinance For Marriott Springfield Downtown Hotel
2 Boland Way Springfield, MA 01103, USA
See Similar DealsHotel
Financed 06/27/2023
Summary
MASSACHUSETTS
Asset Type:Hotel
Transaction Type:Loan
The Marriott Springfield Downtown hotel, located at 2 Boland Way in Springfield, Massachusetts, has successfully undergone a $24 million refinancing deal. The hotel, consisting of 266 keys, was the subject of the transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $24,000,000
- Address: 2 Boland Way
- Market: Springfield, MA
- Keys: 266
Robert Damigella of Marcus & Millichap served as the broker representing the transaction. Marcus & Millichap Capital Corporation (MMCC) arranged the refinancing and successfully secured the $24 million loan for the Marriott Springfield Downtown hotel. Robert Damigella, Vice President of Capital Markets at MMCC in Boston, played a crucial role in securing the financing.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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