Robert Bhat Secures $9.1M Loan For Hilton Garden Inn McAllen Airport
617 W Expy 83, McAllen, TX, 78503
$9,100,000
Building Size
—
Asset Type
Hotel
Closing
Nov 22, 2023
About this deal
AI
The Hilton Garden Inn McAllen Airport in McAllen, TX, has been refinanced with a $9.1 million loan arranged by Marcus & Millichap. The property, a high-performing Hilton Garden Inn hotel built in 2000, features 104 keys and amenities like an outdoor pool and fitness center. Strategically situated near I-2/Highway 83, it is conveniently located within close proximity to McAllen International Airport, La Plaza Mall, and the McAllen Convention Center.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $9,100,000.00
- Address: 617 W Expy 83, McAllen, TX, 78503
- Market: McAllen
- Borrower's Rep: Robert Bhat (Marcus & Millichap)
- Lender: Undisclosed Institutional Investor
- Loan Amount: $9,100,000.00
The financing for the property was secured by Robert Bhat from Marcus & Millichap's Miami office. The loan amount of $9.1 million was used to refinance the borrower's existing acquisition bridge debt with permanent CMBS financing. The deal included a five-year term with a 65% loan-to-value ratio and a 30-year amortization schedule. Additionally, extra funding was allocated for the Property Improvement Plan, enhancing the overall value of the Hilton Garden Inn McAllen Airport.
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$9,100,000
Hotel
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McAllen Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.74%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93