Marcus & Millichap Refinances McAllen Hotel For $9.1M

The hotel located at 617 West Expressway 83 in McAllen has been successfully refinanced. The property spans 60,800 square feet and features 104 rooms. The loan transaction was facilitated by Robert Bhat from Marcus & Millichap on behalf of McAllen Investors, led by Hassan Ladha.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $9,100,000
• LTV: 65% (including PIP)
• Loan Type: Refinance
• Loan Terms: 5 Year Fixed Rate, 30 Year Amortization, Non-Recourse

The loan amount secured for the refinancing process was $9,100,000. The terms of the loan include a 65% loan-to-value ratio, which accounts for the property's planned improvement projects (PIP). The loan has a fixed interest rate for a five-year period, with a 30-year amortization schedule. Additionally, the loan is non-recourse, providing further financial security.

Robert Bhat from Marcus & Millichap played a crucial role as the broker representing McAllen Investors in this transaction. For individuals interested in hotel financing, Robert Bhat can be contacted at [email protected] for loan quotes and further information.