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98 San Jacinto Blvd, Austin...

Goldman Sachs And Bank Of America Refinance $1.8B Hotel Portfolio In Austin, Scottsdale, Jackson Hole, Chicago, East Palo Alto, Laguna Beach, Santa Monica & San Francisco For Dajia Insurance Group
FINANCEDHotel

Goldman Sachs And Bank Of America Refinance $1.8B Hotel Portfolio In Austin, Scottsdale, Jackson Hole, Chicago, East Palo Alto, Laguna Beach, Santa Monica & San Francisco For Dajia Insurance Group

98 San Jacinto Blvd, Austin, TX, USA

$1,800,000,000

$4,387/SF

Building Size

410,248 SF

Asset Type

Hotel

Closing

Oct 5, 2021

AI

A $1,800,000,000 loan has been secured to refinance eight hotels across multiple locations. The properties include 98 San Jacinto Blvd., 10600 E. Crescent Moon Dr., 2050 University Ave., 7680 Granite Loop Rd., 200 N. Columbus Dr., 7575 E. Princess Dr., 1 Miramontes Point Rd., and 1 Ritz Carlton Dr. The hotels are situated in Austin, Scottsdale, Ariz., Jackson Hole, Wyo, Chicago, East Palo Alto, Laguna Beach, Santa Monica, and San Francisco. The loan has been provided by Goldman Sachs and Bank of America. The borrower is Dajia Insurance Group, acting as the landlord for the hotels. The loan has a term of three years, with a floating interest rate and interest-only payments.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $1,800,000,000
  • Assets:
    • 98 San Jacinto Blvd.
    • 10600 E. Crescent Moon Dr.
    • 2050 University Ave.
    • 7680 Granite Loop Rd.
    • 200 N. Columbus Dr.
    • 7575 E. Princess Dr.
    • 1 Miramontes Point Rd.
    • 1 Ritz Carlton Dr.
  • Markets:
    • Austin
    • Scottsdale, Ariz.
    • Jackson Hole, Wyo
    • Chicago
    • East Palo Alto
    • Laguna Beach
    • Santa Monica
    • San Francisco
  • Lender: Goldman Sachs and Bank of America
  • Landlord: Dajia Insurance Group

Goldman Sachs and Bank of America have partnered together to provide the loan for the refinancing deal of these hotels. Dajia Insurance Group, acting as the landlord, has secured the loan. The loan has a three-year term with a floating interest rate and interest-only payments.

Players

Bank of America
Bank of AmericaLender

Austin Hotel Market Snapshot

Boundary boundary · Hotel · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.01%

Cash-on-Cash

-0.00%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93