A joint venture betweenCertares Real Estate ManagementandMonomoy Property Ventureshas landed a $43 million loan to refinance a newly renovated hotel in Ocean City, Md., Commercial Observer has learned.Madison Newbond, a hospitality lending platformlaunchedin 2021 byMadison Realty CapitalandNewbond Holdings, provided the senior mortgage on the 250-roomAshore Resort & Beach Club. Certares and Monomoy acquired the hotel previously known as Ocean City Fontainebleau Resort in 2022 and completed renovations before itopenedin 2023. Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement that the loan demonstrates Madison Newbond’s ability to execute financing for hospitality owners “in high barrier to entry hospitality markets.” He added that Ashore, with its oceanfront setting at10100 Coastal Highway,is “poised to be an unparalleled resort for visitors in a supply-constrained market.”Neil Luthra, founding partner at Newbond, said in a statement that the firm looks “forward to furthering our relationship with the Madison team by identifying and executing on behalf of experienced and well-capitalized borrowers like Certares Real Estate Management and Monomoy Property Ventures.”Ashore Resort & Beach Club’s amenities include an outdoor swimming pool, a fitness center, a business center and 34,600 square feet of indoor meeting and event space. The property is operated byHEI Hotels & Resorts. Officials at Certares Real Estate Management and Monomoy Property Ventures did not immediately return requests for comment. Ashore Resort was in the national spotlight earlier this month when TikTok starBaylen Dupree, known for raising awareness about the neurological disorder Tourette syndrome, wasproposed toat the hotel by longtime boyfriendColin Dooleyin the season finale of herTLCreality series “Baylen Out Loud” that aired March 10.
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