HFF worked on behalf of the borrower, Lodgesys, to secure the 10-year, fixed-rate loan through Bank of America. Loan proceeds were used to refinance existing debt on the property. The securitized loan will also be serviced by HFF.
The Sheraton Portsmouth Harborside Hotel is located at 250 Market Street in the heart of downtown Portsmouth. This location places the hotel within walking distance of numerous dining, shopping and entertainment options including Merchants Row, Restaurant Row, Strawberry Banke Museum and Prescott Park. The hotel also has convenient vehicular access to Route 1 and Interstate 95 and is less than 10 minutes from the Portsmouth International Airport at Pease. Amenities at the six-story hotel include a two-level underground parking garage, 13,500 square feet of meeting space, a fitness center, indoor pool, sauna, Link@Sheraton internet café and Two-Fifty Market, the hotel’s restaurant and lounge. A club level offers guests complimentary breakfast and evening hor d’oeuvres.
The HFF debt placement team representing the borrower was led by managing director Anthony Cutone.