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.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Quick Hits
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.