MIAMI, Florida—Driftwood Capital introduced the launch of Driftwood Resort Earnings I, DST, its inaugural Delaware Statutory Belief (“DST”) platform, providing eligible buyers entry to a top quality lodge for 1031 change buyers. The providing is predicted to focus on roughly $23.9M in fairness commitments and use roughly $17.75M of debt, representing an anticipated loan-to-value ratio of roughly 43 % LTV.
The providing is anchored by the Courtyard by Marriott Fort Lauderdale Weston, a 176-key lodge in Weston, Florida, simply west of Fort Lauderdale. The property was acquired at a real buy worth of $35.5M, which incorporates the Invoice of Sale, and it’s positioned lower than 5 minutes from Interstate 75. The lodge offers direct entry to the better Fort Lauderdale space and South Florida area whereas benefiting from close by company and healthcare demand turbines.
Driftwood at present expects to judge extra DST alternatives, probably increasing its DST portfolio with compact full-service, premium-branded select-service, and extended-stay accommodations in markets Driftwood believes show engaging company and leisure journey demand primarily based on its underwriting.
Assertion From Management
“The hospitality sector has lengthy supplied compelling risk-adjusted alternatives for buyers. With the launch of Driftwood Resort Earnings I, DST, we’re persevering with our dedication to increasing alternatives for 1031 change buyers, offering an extra funding choice for eligible 1031 change buyers searching for passive publicity to hospitality actual property,” mentioned Carlos Rodriguez Jr., president and chief government officer of Driftwood Capital. “A pure extension of our general platform, the providing is backed by a property that’s well-positioned inside a supply-constrained submarket, an instance of our decade-long method supported by Driftwood’s hospitality underwriting and asset-management expertise.”
