The borrower is requesting a new USDA-Guaranteed (70%) construction-to-permanent financing loan for an 86-room hotel in Florida. The subject property will be a franchised, upper-midscale, limited-service, in-town hotel that caters to commercial, seasonal, and all-suite clientele. When completed in August of 2020, the proposed subject will be an 86-room, interior corridor property consisting of approximately 50,024 square feet. Hotel occupancy, average daily rates (ADR) and revenue per available room (RevPar) for the Florida area averaged 79.17%, $121.09, and $95.85 respectively in 2017. These key operating metrics meet (ADR) and exceed (Occupancy and RevPar) national averages as reported by Marcus & Millichap’s 2018 US Hospitality Investment Forecast, indicating continuously-growing demand for the proposed hotel in the subject’s market.
|Loan Term||25.33 yrs|
|Participation Availability Amount||$0|
|Minimum Participation Amount||$250,000|
|Original Loan Amount||$2,250,000|
|Full Loan Documentation||Link|