Updated Oct 29, 2024
Linchris Hotel Corp Purchases Property At 1225 Iyannough Rd In Barnstable With JLL Reps
1225 Iyannough Rd, Barnstable, MA...
Building Size
—
Asset Type
Other
Closing
Nov 19, 2023
About this deal
AI
The 266-room Cape Codder Resort & Spa is located at 1225 Iyannough Rd, Barnstable, MA, within the Hyannis market. The resort features four food-and-beverage concepts, a waterpark, fitness center, indoor and outdoor pools, a pickleball court, and 18,000 square feet of meeting and event space.
Summary of transaction details:
- Property Type: Resort
- Transaction Amount: Not specified
- Buyer: Linchris Hotel Corp
- Seller: Catania Hospitality Group
- Seller's Representative: Matthew Enright, Alan Suzuki -JLL
- Borrower's Representative: Amy Lousararian -JLL
Alan Suzuki and Matthew Enright of JLL represented the seller, while Greg LaBine and Amy Lousararian, also with JLL, facilitated the acquisition financing through HarborOne Bank on behalf of the buyer.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93