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Faros Properties Secures $11M Refi for 1800s Historic Hotels in Nantucket
Faros Properties has secured an 11-million refinancing arranged by JLL for the Anchor Inn and Greydon House in Nantucket, MA.
Jonathan Schneider of JLL worked on behalf of the borrower to secure a fixed-rate loan through Tristan Pierce of HarborOne Bank.
“New England leisure markets, including Nantucket, have experienced the strongest ever lodging fundamentals over the course of the last two seasons” Schneider noted. “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.
Originally built in 1806, the Anchor Inn is a 12-key bed-and-breakfast located at 66 Centre Street. Greydon House, built in 1850, is a 20-key, luxury hotel located at 17 Broad Street. The two hotels offer upscale dining at Via Mare at Greydon House.
- ◦Financing
