FINANCEDHotel
Peconic Equities Secures $8.3M Construction Loan For Westhampton Beach Hotel
7 Beach Lane
$8,300,000
$554/SF
Building Size
14,983 SF
Asset Type
Hotel
Closing
Feb 8, 2023
AI
The property involved in this transaction is a hotel located at 7 Beach Lane in Westhampton Beach, Long Island. The hotel has a total area of 14,983 square feet.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $8,300,000
- Loan Type: Construction
Peconic Equities, represented by Corey Gluckstal, is the landlord of the property. The brokers involved in the deal are Alan Perlmutter and George Spanos from GCP Capital Group.
Players
Westhampton Beach 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
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93