Robert Bhat Secures $8.8M Loan For Casa De Palmas Hotel In McAllen
FINANCED
$8,800,000
Texas
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FINANCED
Robert Bhat Secures $8.8M Loan For Casa De Palmas Hotel In McAllen
101 N Main St, McAllen, TX, 78501
See Similar DealsHotel
Summary
TEXAS
Asset Type:Hotel
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,800,000.00
Monthly NOI$58,666.67
Monthly Debt Service$55,621.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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