Renovo Financial Funds $2.55M Construction Loan For Wildwood Hotel
FINANCED
$2,550,000
New Jersey
See Similar DealsHotel12,000 SF
Financed 12/28/2021
FINANCED
Renovo Financial Funds $2.55M Construction Loan For Wildwood Hotel
5106 Ocean Avenue, Wildwood, NJ 08260
See Similar DealsHotel12,000 SF
Financed 12/28/2021
Summary
NEW JERSEY
Asset Type:Hotel
Price Per Square Foot:$212
Total Square Footage:12,000 SF
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,550,000.00
Monthly NOI$17,000.00
Monthly Debt Service$16,117.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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