Artemis Real Estate Partners Provides $74.7M Construction Loan For Reston, VA Hotel
11900 Market Street, Reston, Virginia 20190, United States
$74,700,000
Building Size
—
Asset Type
Hotel
Closing
Jan 19, 2023
About this deal
AI
A $74,700,000 construction loan has been secured for a hotel located at 11900 Market Street in Reston, VA. The property, which is owned by Artemis Real Estate Partners, is set to undergo development with the financial support provided by the loan. This transaction took place on January 19, 2023.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $74,700,000
- Lender: Artemis Real Estate Partners
- Broker: JLL
- Loan Type: Construction
JLL played a crucial role as the broker in this transaction, representing both the borrower and the lender. Their expertise and negotiation skills facilitated the successful acquisition of the construction loan. The hotel's future development is expected to enhance the local market in Reston, VA, as it brings new amenities and accommodations to the area.
Players
Reston Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93