Renovo Financial Funds $2.55M Construction Loan For Wildwood Hotel | 5106 Ocean Avenue | Renovo Financial | Hotel | Loan

Summary

Loan

NEW JERSEY

Hotel

12,000 sqft

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.

Details

Deal Summary

FINANCED

IMAGE: Alexander McKinley DATE: 12/28/2021 ADDRESS: 5106 Ocean Ave MARKET: Wildwood, NJ ASSET TYPE: Hotel ~ SF: 12,000 ~ KEYS: 24 LENDER: Renovo Financial LLC (@RenovoFinancialLLC) - Alexander McKinley (@AlexanderMcKinley) LANDLORD: Stephen Pittman LOAN AMOUNT: $2,550,000 LOAN TYPE: Construction Loan NOTE: Renovo Financial's NJ branch financed the purchase and construction budget for a 24 unit motel in Wildwood, NJ. The investor plans on converting the property into a 26 unit condotel upon completion of the project.

View on map

Address5106 Ocean Avenue

Comparables

This user does not have deals with the selected filters yet.
Reset filters to show results.