Playa Largo
A hotel property in Key Largo, Florida. Securitized in 3 CMBS deals in 2018.
$188.6MAppraised value (latest deal)
80.8%Occupancy
$11.2MUnderwritten NOI
5.9%Implied cap rate
- Address
- 97450 Overseas Highway, Key Largo, FL 33037
- Property type
- Hotel · Full Service
- Year built
- 2016
- Size
- 178 Rooms
- Sponsor
- Lance T. Shaner; Lance T. Shaner, as trustee of Lance T. Shaner Revocable Trust Dated Dece
- Loan purpose
- Refinance
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| MSC 2018-H3 | 2018-07-12 | $188.6M | 79.3% | $10.9M | 5.8% | $35.0M | 47.7% | 1.64x | 424B |
| CD 2018-CD7 | 2018-08-24 | $188.6M | 79.3% | $10.9M | 5.8% | $30.0M | 47.7% | 1.64x | 424B |
| MSC 2018-L1 | 2018-10-23 | $188.6M | 80.8% | $11.2M | 5.9% | $25.0M | 47.7% | 1.69x | 424B |
Historical NOI reported in MSC 2018-L1
| Period ending | NOI |
|---|---|
| 7/31/2018 TTM | $10.9M |
| 12/31/2017 | $9.2M |
More CMBS properties in Florida →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.