Lixi Group has taken out a $43.3 million loan to finance the construction of a 168-room SpringHill Suites by Marriott in Revere, Mass., 5 miles outside of Boston. Adjacent to the Wonderland train station, the upcoming hotel will provide easy access to Boston Logan International Airport and downtown Boston.
The four-story hotel, located along Revere Beach, will offer clear views of the Atlantic Ocean. Amenities there will include an indoor swimming pool, a fitness center, a 144-seat oceanfront restaurant, a Starbucks, a breakfast area sundries shop, a business center and meeting space.
Hall Structured Finance closed the loan and Bill Carroll, president of 1 Financial Corp., sourced the financing. So far this year, HSF has closed more than $155 million in construction loans, with plans to reach $400 million given the current pipeline.
“The hotel’s ample meeting space, oceanfront views and close proximity to Boston’s central business district will make it a desirable destination for both business and leisure travel,” Mike Jaynes, president of Hall Structured Finance, said in a statement. “These factors, along with the backing of Marriott’s strong loyalty program, made this an ideal project for us to finance.”