Updated Dec 4, 2024
Tremont Realty Capital Facilitates $40M Refinance Loan For Revere Hotel
400 Ocean Avenue
$40,000,000
Building Size
—
Asset Type
Hotel
Closing
Jul 8, 2024
About this deal
AI
The SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel at 400 Ocean Avenue in Revere, Massachusetts secured a $40 million first mortgage loan for refinancing. The loan was provided by The RMR Group, facilitated by Tremont Realty Capital.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $40,000,000
- Keys: 168
- Lender: The RMR Group
- Broker: Tom Lorenzini - Tremont Realty Capital
- Loan Type: Refinance
Tremont Realty Capital played a crucial role in connecting The RMR Group with the SpringHill Suites property for this refinance transaction, building a bridge between the lender and the hotel management.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93