RobertDouglas Secures $54 Million Refinance For Flynn Properties Six-Hotel Portfolio Across Multiple States
Lee Jackson Memorial Hwy , 651 Fountain Road, 8330 Corporate Drive, 221 International Circle, 8615 Broadway & 8585 Marriott Drive
$54,000,000
Building Size
—
Asset Type
Hotel
Closing
Sep 12, 2024
About this deal
AI
The transaction involves the refinancing of Flynn Properties’ portfolio of six hotels, specifically Courtyard by Marriott locations across Virginia, Maryland, Pennsylvania, and Texas. The total loan amount arranged is $54 million, covering 889 keys within this substantial asset type, highlighting the diverse geographical presence of the hotels.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $54,000,000
- Landlord: Flynn Properties
- Brokers: Andrew Heilmann & Matt Dower - RobertDouglas
- Market: Fairfax, Plymouth Meeting, Hyattsville, Hunt Valley & San Antonio
- Loan Type: Refinance
- Keys: 889
RobertDouglas played a pivotal role in facilitating the refinancing for Flynn Properties, attracting lenders through the strength of the sponsorship, the diverse markets represented, and the recent renovations applied to the properties within the portfolio.
Players
Fairfax 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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93