Lixi Group Secures $40 Million Refinance Loan For SpringHill Suites At Revere Beach

The property involved is a hotel located at 400 Ocean Avenue, SpringHill Suites Boston Logan Airport Revere Beach in Revere, MA. The hotel has a square footage of 67,000 and includes 168 keys. A loan amount of $40,000,000 was secured for refinancing purposes.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $40,000,000
• Lender: David Ross - Tremont Realty Capital
• Landlord: Lixi Group
• Broker: Greg Porter - HREC Investment Advisors
• Loan Type: Refinance

The refinancing of the hotel involved a loan that retired expensive construction debt and provides runway to season and stabilize the hotel for eventual fixed-rate financing. Key individuals involved include David Ross representing the lender, and Greg Porter acting on behalf of the broker in this transaction.