Lucern Capital Acquires Hotel In Charlotte, NC For $8.4M
8710 Research Drive, Charlotte, North Carolina 28262, United States
$8,400,000
$150/SF
Building Size
55,708 SF
Asset Type
Hotel
Closing
Mar 23, 2022
AI
An 96-key hotel located at 8710 Research Drive in Charlotte, NC has been sold for $8,400,000. The property was sold on 03/24/2022. The buyer, Lucern Capital represented by Frank Forte, acquired the hotel from the seller, Kayak Group represented by Kalpak Shah. The transaction was facilitated by brokers Daniel Shabtai, Jonathan Brody, and Michael Kerwin from Rosewood Realty Group. The hotel is situated in the Charlotte, NC market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $8,400,000
- Address: 8710 Research Drive
- Market: Charlotte, NC
- Buyer: Lucern Capital - Frank Forte
- Seller: Kayak Group - Kalpak Shah
- Brokers: Daniel Shabtai & Jonathan Brody & Michael Kerwin - Rosewood Realty Group
Daniel Shabtai, Jonathan Brody, and Michael Kerwin from Rosewood Realty Group played a crucial role in representing the buyer and seller in this transaction.
Players
Charlotte Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93