Avant Capital Provides $24M Bridge Loan For Showboat Hotel & Casino In Atlantic City

The former Showboat Hotel & Casino in Atlantic City, located at 810 Pacific Ave, has recently undergone a significant transaction. This multifamily property, spanning 240,000 square feet and consisting of 255 units, has been involved in a closed property transaction. Both Tower Investments and BWE played key roles in this deal.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $24,000,000
• Address: 810 Pacific Ave, Atlantic City, NJ
• Market: Atlantic City, NJ
• Asset Type: Multifamily
• Unit: 255
• Square Footage: 240,000

The lender in this transaction was Avant Capital, represented by Bernard Wolff. Avant Capital originated a $24-million bridge loan, providing the sponsors with proceeds for the recapitalization, equity cash-out of the property, and closing costs. Avant Capital has been gaining a strong reputation in the market, particularly for financing deals that require quick closes and creative structuring to meet borrowers' objectives.

For further information about the loan, Bernard Wolff can be reached at [email protected] or (203) 612-9581.