GreenLake Funds $39,500,000 Loan for Hotel in Cape May, NJ, and Event Center in Randolph, NJ

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Apr 20, 2022, 08:54 ET

CAPE MAY, N.J., April 20, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $39,500,000 acquisition loan for a beachfront hotel in Cape May, NJ, and a former wedding hall in Randolph, NJ, that will be redeveloped and upgraded.

The Cape May property is a 76-room full-service hotel featuring a restaurant, bar, pool and sundeck, ideally situated at the beach and adjacent to downtown Cape May. GreenLake's funding will also allow the borrower to renovate and add additional rooms to the property.

The event and conference facility is located in a dense area of Northern New Jersey with strong demand for high-end event spaces. Funds will be used to redevelop and rebrand the property as a state-of-the-art outdoor lifestyle event center.

Paul Diamond, Chief Operating Officer at GreenLake stated, "We believe in the sponsor's excellent track record in operating high-end hospitality and large event venues. The hotel in Cape May is an irreplaceable asset with an incredible beachfront location and difficult to obtain liquor license. The property in Randolph has great potential to fulfill a void in the market and become a key destination in the region."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
[email protected]

Adam Frank
Vice President, Originations
646.766.0288
[email protected]

Renee Volaric
Vice President, Originations
646.766.0286
[email protected]

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC