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News:
Owners Developers & Managers
Posted: July 2, 2008
Pisanelli of U.S. Realty Capital brokers $2.85m permanent mortgage
The Atlantic northeast office of U.S. Realty Capital brokered a $2.85 million permanent mortgage for an 82-room Microtel Inn & Suites. The property, which contains 18 suites, was constructed in 1997 and is located on U.S. Hwy. 52. The property is located within three miles of all of the area's major demand generators: Mayo Clinic, Methodist Hospital, St. Mary's Hospital and an IBM plant. The loan was placed on behalf of a large Minnesota-based hotel developer/operator who sought out Rob Pisanelli of U.S. Realty Capital.
The loan was placed with a credit union at an all-in rate of 7%, 70% loan-to-value, 10-year term and amortized over 30 years.
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Portland, ME Colwen Hotels celebrated the opening of Residence Inn by Marriott and Moxy Hotel Portland Thompson’s Point, the first hotel in the city’s Thompson’s Point district. Developed by XSS Hotels and managed by Colwen Hotels, the five-story, dual-branded property introduces 148 guestrooms to one of southern Maine’s fastest-growing waterfront destinations.
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