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Robert Bhat Of Marcus & Millichap Secures $8.94M Refinancing Loan For Wyndham Garden Norfolk
FINANCED
$8,940,000
Virginia
See Similar DealsHotel
Financed 10/09/2025
FINANCED
Robert Bhat Of Marcus & Millichap Secures $8.94M Refinancing Loan For Wyndham Garden Norfolk
700 Monticello Avenue
See Similar DealsHotel
Financed 10/09/2025
Summary
VIRGINIA
Asset Type:Hotel
Transaction Type:Loan
The transaction involves a hotel asset located at 700 Monticello Avenue in Norfolk, VA. This asset is categorized as a hotel with a total of 354 keys. The refinancing loan amount secured for this property is $8,940,000, and it is a non-recourse loan with a 5-year term at an interest rate of 7%.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $8,940,000
- Loan Type: Refinance
- Address: 700 Monticello Avenue
- Market: Norfolk, VA
- Keys: 354
- Broker: Robert Bhat - Marcus & Millichap
Marcus & Millichap Capital Corporation arranged the refinancing of the Wyndham Garden Norfolk Downtown. Robert Bhat secured financing for a private client through a global investment bank, facilitating investment in the hospitality sector of downtown Norfolk.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,940,000.00
Monthly NOI$59,600.00
Monthly Debt Service$56,506.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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