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Meir Abrahamson Of Eastern Union Arranges $20.4 Million Refinance For Hotel Conversion In Plano

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FINANCED
$20,400,000

Texas

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Hotel
Financed 11/19/2024
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FINANCED

Meir Abrahamson Of Eastern Union Arranges $20.4 Million Refinance For Hotel Conversion In Plano

700 Central Parkway East

See Similar Deals
Hotel
Financed 11/19/2024
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Hotel
Transaction Type:Loan

The property involved in this transaction is a hotel located at 700 Central Parkway East in Plano, Texas. The asset comprises 137 units situated on 2.27 acres. The loan amount for the transaction is $20,400,000 for refinancing purposes.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $20,400,000
  • Units: 137
  • Acres: 2.27
  • Market: Plano
  • Loan Type: Refinance

Meir Abrahamson from Eastern Union represented the refinancing arrangement, which includes a $15.8 million permanent loan and a $4.7 million bridge loan. The arrangement involved creative structuring to address the needs of both the property owner and the lender, with an expected completion date set for mid-2026.

Players

Meir Abrahamson
Eastern Union
Meir Abrahamson
1 deal$20.4M volume
BROKER

Details

FINANCED
IMAGE: Meir Abrahamson DATE: 11/19/2024 ADDRESS: 700 Central Parkway East MARKET: Plano ASSET TYPE: Hotel ~ UNITS: 137 ~ ACRES: 2.27 BROKER: Meir Abrahamson - Eastern Union LOAN AMOUNT: $20,400,000 LOAN TYPE: Refinance NOTE: Eastern Union arranged $20.4 million in refinancing for the conversion of a six-story hotel in Plano, TX, into a senior living community. The deal includes a $15.8 million permanent loan and a $4.7 million bridge loan, with creative structuring to meet the owner’s and lender’s needs, and is expected to be completed by mid-2026.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$20,400,000.00

Monthly NOI$136,000.00
Monthly Debt Service$128,941.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00