Cross River Bank Provides $24.75M Construction Loan For Hotel To Office Conversion In Toms River
FINANCED
$24,750,000
New Jersey
See Similar DealsHotel108,000 SF
Financed 11/01/2022
FINANCED
Cross River Bank Provides $24.75M Construction Loan For Hotel To Office Conversion In Toms River
2373 Lakewood Road, Toms River, New Jersey 08755, United States
See Similar DealsHotel108,000 SF
Financed 11/01/2022
Summary
NEW JERSEY
Asset Type:Hotel
Price Per Square Foot:$229
Total Square Footage:108,000 SF
Transaction Type:Loan
A hotel property located at 2373 US-9 in Toms River has been involved in a closed transaction. The property spans approximately 108,000 square feet.
Summary of transaction details:
- Property Type: Hotel
- Address: 2373 US-9, Toms River
- Market: Toms River
- Image: Steven Vegh
- Date: 11/01/2022
The lender for this transaction was Cross River Bank. The loan amount provided for the transaction was $24,750,000. The loan type was listed as construction. Steven Vegh from Westwood Realty Associates served as the broker representing the parties involved in the deal.
According to the note from the broker, the hotel property is set to undergo a conversion into an office space.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,750,000.00
Monthly NOI$165,000.00
Monthly Debt Service$156,436.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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