Marcus & Millichap Capital Corporation Arranges $24M Refinance For Marriott Springfield Downtown Hotel
2 Boland Way Springfield, MA 01103, USA
$24,000,000
Building Size
—
Asset Type
Hotel
Closing
Jun 27, 2023
AI
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.
Boston Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93