Philadelphia

Commercial real estate finance and investment firm Virtua Credit reports that it facilitated a $14-million bridge loan for the hotel that was built in 1999 and renovated in 2017.

The new leases, include the Heart House taking 9,450 square feet, Jefferson Health securing 7,700 square feet and AdvoCare committing to 3,100 square feet, which collectively bring the property to full occupancy.

Upon the closing of the deal, which is expected in the third and fourth quarter of this year, RoundPoint will become a wholly-owned subsidiary of Freedom Mortgage.

“Since Borgata arrived in the market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, and we believe our new concepts confirm our position,” says Marcus Glover, resident and COO for Borgata Hotel Casino & Spa.

The former prison site is a prime location for new commercial or mixed-use development, state officials note.

VICI Properties has completed the purchase of the land and real estate assets of the Greektown Casino-Hotel for approximately $700 million in cash, with Penn National Gaming acquiring the operating assets for approximately $300 million in cash.