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Madison Newbond Originates $43M Loan for Ocean City Resort
Madison Newbond, the institutional lending platform of Madison Realty Capital and Newbond Holdings, has originated a $43 million senior mortgage loan to a joint-venture partnership between Certares Real Estate Management and Monomoy Property Ventures for the Ashore Resort & Beach Club in Ocean City, Maryland.
“We are excited to continue our relationship with Newbond to provide creative lending solutions for properties like Ashore, which benefits from its prime oceanfront location along the Atlantic Ocean,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital.
The newly-renovated 250-key oceanfront property guestrooms, including 15 suites, with a mix of double queen, king, suites, and cabana rooms. The resort’s amenities include an outdoor swimming pool, state-of-the-art fitness center, business center, and 34,600 square feet of indoor meeting and event space. The property is situated within close proximity of Philadelphia, Baltimore, and Washington, D.C.
