Marcus & Millichap Capital Corporation Arranges $3M Refi for Boutique Hotel in Fernandina Beach

Marcus & Millichap Capital Corporation has arranged a $3.4-million loan for the refinancing of Elizabeth Pointe Lodge hotel located at 98 South Fletcher Avenue in Fernandina Beach, FL.

The refinancing was secured by Steve Goldwyn and David Purisch of Marcus & Millichap Capital Corporation, a provider of commercial real estate capital markets financing solutions.

“Given the low leverage of the property’s first CDC/504 loan, the accomplished track record of the sponsorship, and MMCC’s strategic approach, we were able to significantly improve our client’s cashflow by delivering very attractive senior bank debt in what continues to be a turbulent market,” said Goldwyn.

The 10-year loan features a fixed interest rate of 5.75% for the first seven years, 25-year amortization and 50% LTV. The interest rate for the last three years will reset annually.

The oceanfront, 24-unit Elizabeth Pointe Lodge offers 180 feet of direct frontage to the Atlantic Ocean and consists of a four-story Main House with 20 units, and a two-story Ocean House with four units.