RRA Capital facilitated a $5.5 million non-recourse acquisition loan, along with a subsequent facility of nearly $1 million for renovations, for two short-term rental properties. Two short-term rental accommodations were established in the St. Petersburg area, a popular tourist destination.

The two properties, each possessing its own distinct charm and historical significance, were originally built in 1915 and 1956, respectively. Together, they offer a total of 41 units. While one of the properties had previously operated as short-term rentals, the other functioned as multifamily housing.  

The sponsor's acquisition of these properties serves as the catalyst for an extensive renovation plan, envisioning a jointly branded short-term rental accommodation concept called "Satoshi Hideout”, a housing community with 41 units designed to have flexible leasing options.  

This conversion aims to leverage the unique features and character of the properties, providing guests with an unforgettable experience.  

Following the acquisition, the sponsor embarked on a comprehensive renovation and rebranding process. The renovations included the incorporation of coworking spaces, cosmetic upgrades, and the revitalization of the courtyard. These enhancements will elevate the properties, aligning them with the demands and expectations of short-term rental guests.

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