Tremont Realty Capital 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, Mass., the recently developed hotel comprises 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.
