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
$24,750,000
$229/SF
Building Size
108,000 SF
Asset Type
Hotel
Closing
Oct 31, 2022
AI
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
Toms River Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93