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Tremont Realty Capital Facilitates $40M Refinance Loan For Revere Hotel
FINANCED
$40,000,000
Massachusetts
See Similar DealsHotel
Financed 07/08/2024
FINANCED
Tremont Realty Capital Facilitates $40M Refinance Loan For Revere Hotel
400 Ocean Avenue
See Similar DealsHotel
Financed 07/08/2024
Summary
MASSACHUSETTS
Asset Type:Hotel
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,000,000.00
Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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