The Boston office of Tremont Realty Capital provided the buyer with a nearly $3-million first mortgage in acquisition financing. The 12-month, non-recourse loan was funded through Tremont's Boylston Investment Fund LLC and arranged by Rick Gallitto, executive director of Tremont.
Gallitto declined to disclose the identity of the seller or buyer. GlobeSt.com has learned that the buyer is an entity headed by James Coronella, who, according to published reports, initially discussed condo conversion with town officials, but has since called off those discussions. GlobeSt.com was unable to reach Coronella.
Previously called Clipper Ship Lodge, the site traded hands in 1999. Following renovations, in January 2001, it was renamed Inn at Scituate Harbor, which Gallitto says is "an affluent South Shore community is 26 miles south of Boston."
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