Tremont Realty Capital has recently announced the successful closing of a $40 million first mortgage loan for 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 and conveniently situated near the MBTA Wonderland Station, was refinanced through this transaction.
With an initial term of two years and three one-year extension options available based on borrower requirements, this loan was facilitated by HREC Investment Advisors with funding from The RMR Group. According to Tom Lorenzini, senior vice president of Tremont Realty Capital: “The completion of this financing deal for SpringHill Suites Revere showcases our ability to meet borrowers’ needs in today’s challenging market. Our investment pipeline remains robust and we are constantly seeking out attractive opportunities to expand our portfolio throughout 2024.”
