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Benefit Street Partners Provides $48.75M Loan To Stratus Development For Cambria Hotel Austin

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FINANCED
$48,750,000
Adeel Amin
Charlie Ryan

Texas

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Hotel
Financed 08/22/2024
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Property Image
FINANCED

Benefit Street Partners Provides $48.75M Loan To Stratus Development For Cambria Hotel Austin

68 East Avenue

See Similar Deals
Hotel
Financed 08/22/2024
Adeel Amin
Charlie Ryan
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Hotel
Transaction Type:Loan

The Cambria Hotel located at 68 East Avenue in the Austin market is a 212-room hotel recently opened near Austin's Rainey Street District. The property consists of 16 stories and is designed to cater to guests visiting the area.

Summary of transaction details:

This financing facilitated by Benefit Street Partners Realty was utilized by Stratus Development Partners to discharge $62 million in construction debt, enabling the continued operation and support of the newly launched hotel property.

Players

Adeel Amin
Hunter Hotel Advisors
Adeel Amin
2 deals$48.8M volume(205) 515-8043
BROKER
Charlie Ryan
Hunter Hotel Advisors
Charlie Ryan
1 deal$48.8M volume(248) 752-3207
BROKER
Benefit Street Partners Realty
Benefit Street Partners Realty
LENDER

Details

FINANCED
IMAGE: Adeel Amin & Charlie Ryan DATE: 08/22/2024 ADDRESS: 68 East Avenue - Cambria Hotel MARKET: Austin ASSET TYPE: Hotel ~ KEYS: 212 LENDER: Benefit Street Partners Realty LANDLORD: Stratus Development Partners BROKERS: Adeel Amin & Charlie Ryan - Hunter Hotel Advisors (@HunterHotelAdvisors) LOAN AMOUNT: $48,750,000 NOTE: Benefit Street Partners provided $48.75 million in financing for the 212-room Cambria Hotel Austin Downtown, allowing Stratus Development Partners to pay off $62 million in construction debt. The loan, arranged by Hunter Hotel's capital markets unit, supports the recently opened 16-story hotel near Austin's Rainey Street District.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$48,750,000.00

Monthly NOI$325,000.00
Monthly Debt Service$308,133.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00