Stonehill Provides $61.8M Construction Loan For Austin Hotel By Stratus Development Partners
FINANCED
$61,800,000
Texas
See Similar DealsHotel122,709 SF
Financed 10/26/2021
FINANCED
Stonehill Provides $61.8M Construction Loan For Austin Hotel By Stratus Development Partners
7800 East Ben White Boulevard, Austin, TX 78741
See Similar DealsHotel122,709 SF
Financed 10/26/2021
Summary
TEXAS
Asset Type:Hotel
Price Per Square Foot:$503
Total Square Footage:122,709 SF
Transaction Type:Loan
An Austin hotel located at 7800 E Ben White Blvd has secured a construction loan of $61,800,000. The three-year loan was obtained from Stonehill, with Doug Pace serving as the lender's representative. The hotel, with a total of 212 keys, is owned by Stratus Development Partners, represented by Andrew Wood.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $61,800,000
- Address: 7800 E Ben White Blvd
- Market: Austin
- Loan Type: Construction
- Loan Term: Three years
- Key Count: 212
Doug Pace from Stonehill facilitated the loan for the hotel, while Andrew Wood represented Stratus Development Partners as the landlord. The construction loan will enable the development of the hotel property on E Ben White Blvd in Austin.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$61,800,000.00
Monthly NOI$412,000.00
Monthly Debt Service$390,618.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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