GreenLake Funds $22,750,000 Hotel Redevelopment Loan in Wildwood Crest, NJ
Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $22,750,000 loan to redevelop a 108-room oceanfront hotel in Wildwood Crest, NJ. The property will feature an infinity pool, outdoor event venue, ocean view patio lounge, restaurant, fully renovated rooms and direct beach access.
GreenLake's loan enabled the Sponsor to acquire the property and will be used to transform it into an upscale full-service hotel, including full renovation of the interior, exterior, lobby and rooms, and to add amenities. Located in the Doo Wop Historic Motel District, the hotel's exterior design and façade will be largely preserved. The hotel is anticipated to open on Memorial Day weekend in 2023.
Peter Chang, Managing Principal at GreenLake stated, "The Sponsor has a proven track record in hospitality. He did a fantastic job renovating and upgrading a full-service hotel in Cape May last year within six months of acquisition. With his execution, expertise and strong local network, we believe this project will become a landmark property in the heart of the Wildwood Crest community."
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.