Beach Point Capital Management & Maxim Capital Group Provides $32M Acquisition Loan For Austin Hotel
6121 North Interstate 35, Austin, Texas 78752, United States
$32,000,000
$62/SF
Building Size
515,000 SF
Asset Type
Hotel
Closing
Oct 3, 2022
About this deal
AI
Located at 6121 North Interstate Highway 35 in Austin, this hotel property covers a total area of 515,000 square feet and sits on 7.9 acres of land. The hotel features 293 keys, making it a sizable establishment in the area.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $32,000,000
- Lender: Beach Point Capital Management and Maxim Capital Group - Jason Bordenick & Adam Glick
- Landlord: ASAP Holdings
- Loan Type: Acquisition Loan
The loan for this property was provided by Beach Point Capital Management and Maxim Capital Group, with Jason Bordenick and Adam Glick representing the lenders. The loan amount for the acquisition was $32,000,000. The landlord for the property is ASAP Holdings.
On the Map
$32,000,000
$62/SF
Hotel
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Players
Austin 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93