Tremont Realty Capital Announces the Closing of a $40 Million Mortgage Loan to Refinance a Hotel in Revere, MA
Tremont Realty Capital today announced the closing of a $40 million first mortgage loan to refinance the SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. Located at 400 Ocean Avenue in Revere, Massachusetts, the recently developed hotel is comprised of 168 rooms and is located near the Massachusetts Bay Transportation Authority (MBTA) Wonderland Station, providing parking and easy access to downtown Boston.
The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. Tremont Realty Capital was introduced to the transaction by HREC Investment Advisors. Funding for the loan was provided by The RMR Group.
Tom Lorenzini, Senior Vice President of Tremont Realty Capital, made the following statement:
"The closing of the SpringHill Suites Revere demonstrates Tremont's continued ability to meet the financing needs of borrowers in today's challenging environment. Our investment pipeline remains strong and we continue to see attractive opportunities to originate new loans and further expand our portfolio throughout the remainder of 2024."
About Tremont Realty Capital
Tremont Realty Capital is the commercial real estate finance division of The RMR Group (NASDAQ:RMR). Tremont is a direct lender that originates and invests in loans secured by middle market and transitional commercial real estate on behalf of its capital sources, including Seven Hills Realty Trust (NASDAQ:SEVN). For more information about Tremont, please visit www.tremontcapital.com.
NMLS #1752106
Arizona Commercial Mortgage Banker License #CBK-0949402
California Finance Lender License #60DBO-80218
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