Ali Momin Acquires Hotel In Houston With $52.5M Construction Loan
1319 Texas Ave Houston, TX 77002, USA
$52,500,000
$425/SF
Building Size
123,306 SF
Asset Type
Hotel
Closing
Aug 15, 2023
About this deal
AI
The property involved in this transaction is a hotel located at 1319 Texas Avenue in Houston. The hotel has a total area of 123,306 square feet. The transaction took place on 08/15/2023.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $52,500,000
- Loan Type: Construction
- Loan Terms: 75% Loan-to-Cost
- Landlord: Ali Momin
- Broker: Ryan Bosch of Arriba Capital
Ryan Bosch from Arriba Capital represented the landlord, Ali Momin, in this loan transaction. The loan amount for the construction of the hotel was $52,500,000, and the loan terms were set at 75% loan-to-cost.
Players
Houston 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93