Avant Capital Provides $24M Bridge Loan For Showboat Hotel & Casino In Atlantic City | 810 Pacific Avenue | Avant Capital | Bernard Wolff | MultiFamily | Loan

Summary

Loan

NEW JERSEY

MultiFamily

240,000 sqft

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.

Players

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3

Agents
1
Agencies
1
Lenders
1

Bernard Wolff

Principal Originations & Portfolio Manager

Avant Capital Partners

Avant Capital

Details

Deal Summary

FINANCED

IMAGE: Bernard Wolff DATE: 04/22/2022 ADDRESS: 810 Pacific Ave MARKET: Atlantic City, NJ ASSET TYPE: Multifamily ~ UNIT: 255 ~ SF: 240,000 LENDER: Avant Capital - Bernard Wolff LANDLORD: Tower Investments BROKERS: BWE LOAN AMOUNT: $24,000,000 LOAN TYPE: Bridge NOTE FROM LENDER: Pleased to announce that I originated a $24-million bridge loan, on one of the three towers comprising the former Showboat Hotel & Casino in Atlantic City. The loan provided the sponsors with proceeds for the recapitalization, equity cash-out of the property and closing costs. We are providing bridge loans across the country, and we are developing a great reputation in the market by financing deals that need quick closes and creative structuring to meet the borrowers’ objectives. Bernard Wolff [email protected] (203) 612-9581

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Address810 Pacific Avenue

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