Madison Newbond, the institutional lending platform of Madison Realty Capital and Newbond Holdings that provides first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide, has originated a $43 million senior mortgage loan to a joint-venture partnership between Certares Real Estate Management and Monomoy Property Ventures for the Ashore Resort & Beach Club, a newly-renovated 250-key oceanfront property in Ocean City, Md.
“We are pleased to provide a flexible financing solution to a borrower group with decades of experience investing and operating in the hospitality sector," Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. "This transaction underscores Madison Newbond’s unique ability to provide tailored solutions that best meet the specific needs of hospitality owners and operators in high barrier-to-entry hospitality markets. We are excited to continue our relationship with Newbond to provide creative lending solutions for properties like Ashore, which benefits from its prime oceanfront location along the Atlantic Ocean. Ashore is poised to be an unparalleled resort for visitors in a supply-constrained market along the Maryland beachfront.”
Neil Luthra, founding partner at Newbond, added: “Leveraging Madison Realty Capital’s differentiated institutional lending platform and Newbond’s deep expertise across the hospitality sector, we were well positioned to support Ashore, a highly amenitized, newly renovated property. We look forward to furthering our relationship with the Madison team by identifying and executing on behalf of experienced and well-capitalized borrowers like Certares Real Estate Management and Monomoy Property Ventures.”
Ashore has 250 newly-renovated guestrooms, including 15 suites, with floor-to-ceiling views of the Atlantic Ocean, private balconies, and a mix of double queen, king, suites, and cabana rooms. The resort’s amenities include an outdoor swimming pool, fitness center, business center, food and beverage offerings, and 34,600 square feet of indoor meeting and event space. Located within close proximity of major metropolitan areas like Philadelphia, Baltimore and Washington, D.C., Ocean City is one of the most popular and commercialized beach destinations in Maryland.