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

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FINANCED
$24,000,000

New Jersey

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MultiFamily240,000 SF
Financed 04/22/2022
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Property Image
FINANCED

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

810 Pacific Avenue, Atlantic City, New Jersey 08401, United States

See Similar Deals
MultiFamily240,000 SF
Financed 04/22/2022
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$100
Total Square Footage:240,000 SF
Transaction Type:Loan

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

Bernard Wolff
Avant Capital Partners
Bernard Wolff
3 deals$78M volume(203) 612-9581
BROKER
Avant Capital
Avant Capital
LENDER
TI
Tower Investments
LANDLORD

Details

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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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$24,000,000.00

Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00