Residence Inn Portland Downtown Waterfront
The transaction includes a $33,500,000 ($187,151/key) non-recourse, first mortgage loan will be secured by the Residence Inn Portland Downtown Waterfront, a 179-room extended stay Marriott branded hotel located in the Old Port District of downtown Portland, ME. Built in 2009 and renovated in 2016 ($2.5MM total PIP), the Property comprises a five-story building with 140 parking spaces, situated on 0.78 acre of land. The property is currently on a Franchise Agreement with Marriott that expires in 2032. The proposed loan will be used to refinance existing debt at the property. The loan is structured with a 10-year term, full term interest only.