News: Front Section
Posted: October 7, 2022
Faros Properties completes $11 million refinance of Anchor Inn and Greydon House on Nantucket
Nantucket, MA JLL Capital Markets has arranged an $11 million refinancing for the Anchor Inn and Greydon House. JLL worked on behalf of the borrower, Faros Properties, to secure a fixed-rate loan through Tristan Pierce of HarborOne Bank.
Originally built in 1806, the Anchor Inn is a 12-key bed-and-breakfast located at 66 Centre St. Greydon House, also a historic property that was built in 1850, is a 20-key, luxury hotel located at 17 Broad St. Combined, the two hotels offer 32 rooms and upscale dining at Via Mare at Greydon House.
The JLL Capital Markets team representing the borrower was led by senior director Jonathan Schneider.
“New England leisure markets, including Nantucket, have experienced the strongest ever lodging fundamentals over the course of the last two seasons” Schneider said. “Flexible work and pent-up leisure demand, combined with extremely high barriers-to-entry, have made independent hotels in these sought-after markets extremely attractive in the capital markets to lenders and investors alike. Nantucket is typically regarded as the most desirable leisure destination in the region.”
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