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 ID 0112
DSCR 1.17
LTV 74.80
Note Rate 7.00
Property Location FL
NAICS 721110
Guaranty Type USDA
Loan Term 25.33 yrs
Rate type Var
Note date N/A
Maturity date N/A
Participation Availability Amount $0
Minimum Participation Amount $250,000
Original Loan Amount $2,250,000
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