SeaCrest Oceanfront Hotel
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RHF originated acquisition and repositioning financing for a large oceanfront property with low in-place cash flow, understanding the significant upside potential of the property and location. Our loan allowed the borrower to completely renovate and reposition the property from a 2-star tired asset into a unique three-plus star lifestyle resort through a multi-phase renovation. Having originated this loan in late 2007, Ramsfield worked with its Borrower through the difficult recession years ensuring they were able to successfully complete their business plan and refinance the property. Loan amount: $24,800,000.