Newbond Holdings and Madison Realty Capital’s US hospitality real estate lending platform has originated a $43m (€40m) senior mortgage loan to a joint-venture partnership between Certares Real Estate Management and Monomoy Property Ventures.
Madison Newbond Lending Platform has provided the loan for Ashore Resort & Beach Club, a newly-renovated 250-key oceanfront property in Ocean City, Maryland.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, said: “We are pleased to provide a flexible financing solution to a borrower group with decades of experience investing and operating in the hospitality sector.
“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.
Neil Luthra, founding partner at Newbond, said: “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 amenitised, newly renovated property.
“We look forward to furthering our relationship with the Madison team by identifying and executing on behalf of experienced and well-capitalised borrowers like Certares Real Estate Management and Monomoy Property Ventures.”
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