Newbond Holdings and Madison Realty Capital鈥檚 US hospitality real estate lending platform has originated a $43m (鈧�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: 鈥淲e are pleased to provide a flexible financing solution to a borrower group with decades of experience investing and operating in the hospitality sector.
鈥淭his transaction underscores Madison Newbond鈥檚 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: 鈥淟everaging Madison Realty Capital鈥檚 differentiated institutional lending platform and Newbond鈥檚 deep expertise across the hospitality sector, we were well positioned to support Ashore, a highly amenitised, newly renovated property.
鈥淲e 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.鈥�
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