Updated Dec 4, 2024
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
MultiFamily
Closing
Feb 8, 2023
About this deal
AI
The Hotel property located at 7 Beach Lane in Westhampton Beach, Long Island, with a total square footage of 14,983, was involved in a recent transaction.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $8,300,000
- Loan Type: Construction
Corey Gluckstal of Peconic Equities was the landlord in this transaction. The brokers representing the deal were Alan Perlmutter and George Spanos from GCP Capital Group.
The multifamily loan at 7 Beach Lane in 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 New York file for the 7 Beach Lane multifamily financed: pricing, party profiles, and other closed multifamily comps from the same New York sit in the Market section below. Filter that local multifamily 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 multifamily product around New York.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · 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