Linchris Capital Partners LLC Acquires Property At 80 W Broadway Long Beach With Jeffrey Davis As Seller's Rep
80 W Broadway, Long Beach, NY, 11561
Building Size
—
Asset Type
Hotel
Closing
Nov 20, 2023
About this deal
AI
The transaction involves the sale of the property located at 80 W Broadway, Long Beach, NY, 11561, within the Long Beach market. The property was previously utilized as a seniors housing facility before its conversion to a hotel in 2009, and it offers various amenities for guests.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not disclosed
- Address: 80 W Broadway, Long Beach, NY, 11561
- Market: Long Beach
- Seller's Representative: Jeffrey Davis
- Buyer: Linchris Capital Partners LLC
- Square Footage: 0
JLL played a significant role in this transaction, negotiating the sale on behalf of the seller, Stabilis Capital Management LP. The team, including Jeffrey Davis, K.C. Patel, Nikhil Chuchra, and Desmund Delaney, facilitated the deal. Additionally, Greg Labine and Martha Nay of JLL arranged fixed-rate acquisition financing for the buyer, Linchris Capital Partners LLC.
On the Map
Hotel
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Players
Long Beach Hotel Market Snapshot
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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