BEST WESTERN HOTEL, CORPUS CHRISTIE, TX
bestwesterncctx
Key Loan Terms:
- Loan Amount: $9,071,180
- As Completed Value: $10,400,000 and a Stabilized Value of $11,000,000
- Fixed Interest Rate: 3.99%, Interest Only, 10 year term
- Name Tulshi Jiva Hoteliers, Inc.
- Type Loan Construction to Mini-Perm
- Property Best Western Hotel
- Location 9307South Padre Island, Corpus Christi, TX 78418
- Loan Amount $9,071,180 including interest reserve and origination fee
- Rate on LOI 3.99%
- Term on LOI 120 months
- Value As-Completed $10,400,000 and As-Stabilized $11,000,000 per Feasibility Study w/ Appraisal Value
- Origination points due lender: $161,445
- Interest reserves due lender: $256,940
- Total due lender at closing: $418,385
SUMMARY
The site’s address is 9307 South Padre Island Drive, Corpus Christi, TX 78418. The site is located in Flour Bluff, an area of Corpus Christi located 14 miles southeast of the downtown central business district and 9 miles northwest of the gulf coast beaches on North Padre Island. The site is situated on the encinal peninsula bordered by Corpus Christi Bay on the north; Oso Bay on the west; and the Laguna Madre on the east and the site is 500ft east of the naval base that opened in 2014. The location appeals to travelers who wish to be near the water plus they would have views of the water from the upper floors; it has excellent proximity to the military base; and it has a central Location between the beach and the restaurants/retail area on South Padre Island Drive. The suitability for extended stay is proven by strong performance of the nearly adjacent Candlewood Suites.
LOCATION: South Padre Island, Corpus Christi, TX 78418
LOAN UNDERWRITING FILE & DOCUMENTS
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