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iBorrow Loan Supports Acquisition of Wainscott Inn in Eastern LI
iBorrow has provided financing to a well-known boutique hotel/inn owner and operator to support the acquisition and renovation of Wainscott Inn, a 30-room boutique inn situated on the east end of Long Island in Sagaponack, NY. The $3.3-million financing assists the borrower in adding the property to its portfolio and will serve as a bridge loan as the sponsor pursues construction permits and city approvals.
The financing occurs as travel is ramping back up post-pandemic and hospitality-sector fundamentals improve, said Brian Good, CEO of iBorrow.
“As people return to traveling, the hospitality sector is benefitting from the rebound of the effects of the pandemic,” he said. “In Q4 2021, hotel occupancies had risen to 63.2% across the nation from 48.9% one year prior. As a result, hotel investors are increasingly placing capital in assets like Wainscott Inn, which is located at a convenient destination for both business and leisure stays.”
- ◦Financing
