FINANCED
Marcus & Millichap Refinances McAllen Hotel For $9.1M
617 west expressway 83 160975
Hotel
60,800 SF
60,800 SF
Financed 1 year ago
Summary
Loan
TEXAS
Hotel
60,800 sqft
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.
Players
All
2
Agents
1
Agencies
1
Details
FINANCED
IMAGE: Robert Bhat
DATE: 01/27/2023
ADDRESS: 617 West Expressway 83
MARKET: McAllen
ASSET TYPE: Hotel ~ SF: 60,800 ~ ROOMS: 104
LANDLORD: McAllen Investors - Hassan Ladha
BROKER: Robert Bhat (@_Bhat___) - Marcus & Millichap (@MarcusMillichap_Houston)
LOAN AMOUNT: $9,100,000
LOAN TYPE: Refinance
LOAN TERMS: 65% LTV (including PIP), 5 Yr Fixed Rate, 30 Yr Amo, Non-Recourse.
NOTE FROM BROKER: Hotel financing is still available. Please reach out to Robert Bhat to obtain a loan quote. [email protected]View on map
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Address617 west expressway 83 160975
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