Suraj Desai Of Black Bear Capital Partners Secures $15.8M Acquisition Loan For Fargo Hotel
4435 & 4417 23rd Avenue S And 3902 9th Avenue S
$15,800,000
$1,580,000/SF
Building Size
10 SF
Asset Type
Hotel
Closing
Mar 16, 2023
About this deal
AI
The three property portfolios located at 4435 & 4417 23rd Avenue S & 3902 9th Avenue S in Fargo, ND have been involved in a closed transaction. These properties consist of hotels operated by Marriott and Choice Hotels. The transaction involved the acquisition of these assets.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $15,800,000
The acquisition of the three property portfolios, comprising a total of 234 keys, was financed through a 10-year loan with a 25-year amortization. The loan provided the necessary funds for the acquisition of the Marriott and Choice Hotels properties.
The deal was facilitated by Suraj Desai from Black Bear Capital Partners, acting as the broker in this transaction.
Players
Market Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.00%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93