Deal Status

Active

Property Address

Panama City , Florida

Requested Loan Amount

8600000

Loan to Value

80

Loan Term

360

Lien Position

1st

Collateral Type

Commercial Property Ground Lease

Exit Strategy

Refinance

Commercial Property Type

Hospitality

Hospitality Property Types

Full Service Hotel

Number of Units

84

Current Occupancy

Vacant

Loan Type

Ground-Up Construction

Property Type

Commercial

Residential Property Type

Mixed-Use

Commercial Property Type

Multifamily

Project Phase

Planning

Estimated Costs

860000

Description

My client is building a 84 unit Comfort Inn and Suites in Panama City Beach, Florida. The total project cost would be 10.5 million dollars including land, franchise fees, plans and permits. The clients would be able to put a 20% down payment and they are looking for a 30 year note. Between the general contractor and main operator of the hotel are over 30 years of experience. I have spoken with a Choice Brand consultant who provided the flag approval for this location and their studies show a very strong outlook for this property.

Budget

Yes

Licensed

No

Will additional properties be collateralized?

No

Borrower Entity

Corporation

Borrower Credit Rating

Excellent

First Name

Eleasha

Last Name

Counts

Company

Patco Capital Funding, LLC

Role

Money Broker

Location

McKinney
Texas
USA