Tremont Realty Capital Announces the Closing of a $40 Million Mortgage Loan to Refinance a Hotel in Revere, MA
July 08 2024 - 8:00AM
Business Wire
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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Christopher Ranjitkar, Vice President, Marketing & Corporate
Communications (617) 219-1473