Two New England Hotels Get $13.9-Mil Financing

PORTSMOUTH, NH-The owner of the Residence Inn hotel here and an Amerisuites hotel in South Portland, Maine, has received $13.9 million in financing, according to Holliday Fenoglio Fowler LP, which arranged the permanent financing transaction. Dana E. Brome, senior managing director of Holliday Fenoglio Fowler’s Hartford, CT office, arranged the 10-year, fixed-rate financing for the hotels on behalf of Ocean Properties. Financing was arranged through Lincoln National Life Insurance Company.

“Since each asset represents new construction and are just reaching stabilization, we closed the loan based on a pro forma 12-month income stream,” Brome says “A letter of credit was used to secure the mortgage so that we could fund the full amount based on a stabilized value.”