Tremont Realty Capital has recently announced the successful closing of a $40 million first mortgage loan to refinance the SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. The newly developed 168-room hotel, located at 400 Ocean Avenue in Revere, MA, is conveniently situated near the MBTA Wonderland Station.
The loan features an initial term of two years with three one-year extension options available based on borrower requirements. This transaction was facilitated by HREC Investment Advisors and funded by The RMR Group.
According to Tom Lorenzini, senior vice president of Tremont Realty Capital, “The closure of this deal for SpringHill Suites Revere showcases our ability to meet borrowers’ financing needs even in today’s challenging market. Our investment pipeline remains robust and we are continuously seeking attractive opportunities to originate new loans and expand our portfolio through 2024.”
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