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
About this deal
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.
The hotel loan at 7 Beach Lane in Westhampton Beach, New York financed for $8.3M in 2023. The building is 14,983 square feet, implying about 554 per square foot on the published price. Alan Perlmutter, George Spanos, Gcp Capital Group appear on the loan alongside Gcp Capital Group. This page is the Westhampton Beach, New York file for the 7 Beach Lane hotel financed: pricing, party profiles, and other closed hotel comps from the same Westhampton Beach sit in the Market section below. Filter that Westhampton Beach hotel set by closing date to see what else financed near 7 Beach Lane around 2023. Published consideration for 7 Beach Lane is $8.3M, dated 2023. Cite this Peconic Equities Secures $8.3M Construction Loan For Westhampton Beach Hotel loan when underwriting similar hotel product around Westhampton Beach, New York.
Players
Westhampton Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
Loading comparables…
Deal FAQ
Visit Alan Perlmutter to view all their deals.
Browse Westhampton Beach hotel loans on Traded.
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