Robert Bhat Secures $8.8M Loan For Casa De Palmas Hotel In McAllen
101 N Main St, McAllen, TX, 78501
$8,800,000
Building Size
—
Asset Type
Hotel
Closing
Nov 22, 2023
About this deal
AI
The Casa de Palmas Hotel is a 165-room property located at 101 N Main St, McAllen, TX, 78501. The acquisition loan for this hotel amounted to $8,800,000.00. The property, built in 1918 and renovated in 2020, is situated in the city of McAllen.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $8,800,000.00
- Market: McAllen
- Borrower's Rep: Robert Bhat (Marcus & Millichap)
- Lender: Undisclosed Institutional Investor
- Loan Amount: $8,800,000.00
Robert Bhat of Marcus & Millichap Capital Corp. (MMCC) arranged the nonrecourse loan for Casa de Palmas Hotel. The loan was structured with a 65 percent loan-to-value ratio, a 10-year term, and a 30-year amortization schedule. The direct lender and borrower involved in the transaction were not disclosed.
Players
McAllen Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93