Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
Commercial real estate finance and investment firm Virtua Credit reports that it facilitated a $14-million bridge loan for the hotel that was built in 1999 and renovated in 2017.
The new leases, include the Heart House taking 9,450 square feet, Jefferson Health securing 7,700 square feet and AdvoCare committing to 3,100 square feet, which collectively bring the property to full occupancy.
An aging housing stock, costly construction and the need for affordable housing will keep pointing investments to renovations and repositionings says Nate Kline, CIO of OneWall Partners.
Upon the closing of the deal, which is expected in the third and fourth quarter of this year, RoundPoint will become a wholly-owned subsidiary of Freedom Mortgage.
“Since Borgata arrived in the market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, and we believe our new concepts confirm our position,” says Marcus Glover, resident and COO for Borgata Hotel Casino & Spa.