Updated Feb 16, 2024
Renovo Financial Funds $2.55M Construction Loan For Wildwood Hotel
5106 Ocean Avenue, Wildwood, NJ 08260
$2,550,000
$212/SF
Building Size
12,000 SF
Asset Type
Hotel
Closing
Dec 28, 2021
About this deal
AI
A construction loan was provided by Renovo Financial LLC's NJ branch to finance the purchase and construction of a 24-unit motel located at 5106 Ocean Ave in Wildwood, NJ. The property, with a total area of 12,000 square feet, is intended to be converted into a 26-unit condotel upon completion of the project. The loan amount for this transaction was $2,550,000.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $2,550,000
- Address: 5106 Ocean Ave, Wildwood, NJ
- Market: Wildwood, NJ
- Square Footage: 12,000
- Number of Keys: 24
Alexander McKinley, representing Renovo Financial LLC, facilitated the loan for this transaction. Stephen Pittman is the landlord of the property. The investor has plans to convert the motel into a condotel once the construction is complete.
Players
Wildwood Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.22%
Cash-on-Cash
-1.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93