FINANCEDMultiFamily
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
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.
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