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MMCC Arranges $8.8M Acquisition Loan for Hotel in McAllen, Texas

Casa-de-Palmas-Hotel-McAllen

The Casa de Palmas Hotel in McAllen totals 165 rooms. The property was built in 1918.

MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.8 million acquisition loan for Casa de Palmas Hotel, a 165-room property located in the Rio Grande Valley city of McAllen. The property was built in 1918 and renovated in 2020. Robert Bhat of MMCC arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, a 10-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

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