Atlantic City, NJ—May 2, 2022— Avant Capital (Avant), a leading commercial real estate bridge lender, today announced it has originated a $24-million bridge loan, on one of the three towers comprising the former Showboat Hotel & Casino. The Showboat Hotel & Casino was acquired by Tower Investments, LLC, the sponsors, as part of a master planned re-development project. The Avant loan is secured by a 255- unit residential tower in Atlantic City.
The former Showboat Hotel and Casino closed its doors in 2014. The tower that Avant financed was converted from 514 hotel rooms to 255 multifamily apartment units and is now known as The Showboat Residences. The loan provided the sponsors with proceeds for the recapitalization and equity cash-out of the property and closing costs.
Adam Luysterborghs, Managing Principal of Avant, said, “This was a target loan investment for us. We like the asset and sponsorship group involved and hope to effect deals like this one on a regular basis going forward.”
Bernard Wolff, Avant’s portfolio manager and originator of the loan, said, “We were very pleased to provide the senior loan at attractive pricing and to close on the equity cash-out financing for the sponsor, Tower Investments. We are providing bridge loans across the country, and we are developing a great reputation in the market by financing deals that need quick closes and creative structuring to meet the borrowers’ objectives.”