Florida-based Consolidated-Tomoka Land Co. announced Thursday the pay off of its $14.5 million first mortgage loan secured by the Sheraton Old San Juan Hotel at a discount of approximately $218,000.
The unlevered total return achieved by the company from this commercial loan investment, since its origination in September 2015, was approximately 9 percent, the company said.
“We are pleased with the total return achieved on this commercial loan investment,” said John P. Albright, CEO of Consolidated-Tomoka.
“The net proceeds from the pay off in addition to cash from our recently completed 1031 transaction related to the acquisition of the property in Raleigh, North Carolina, gives us more than $24 million in cash, currently, and a zero balance on our $75 million credit facility with an estimated available borrowing capacity of approximately $55 million,” he said.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States including more than 1.6 million square feet of income properties, as well as approximately 10,500 acres of land in the Daytona Beach area.