Leader Bank Finances Commercial Loan for Salem Waterfront Hotel, Pickering Wharf Complex


ARLINGTON, MA – Leader Bank recently help the Salem Waterfront Hotel and Pickering Wharf Complex in historic Salem, Massachusetts refinance existing loans to capitalize on Leader Bank’s low rates.

The owner of the two properties turned to the Bank’s Commercial Lending team to refinance a $16.1 million loan for the 86-room Salem Waterfront Hotel and Suites and a $7.25 million loan for the Pickering Wharf Complex which includes 19 residential units, 30 retail units, and three office tenants.

“It was a pleasure to work with the owners of the Salem Waterfront Hotel and Pickering Wharf Complex find the right solution to refinance their impressive properties,” said Sushil Tuli, Chairman & CEO of Leader Bank. “Both the Salem Waterfront Hotel and Pickering Wharf Complex are community staples, and we can’t wait to see what they accomplish in the years ahead.”

Leader Bank offers innovative products with quick, local decision-making to help our clients find the perfect solution for their business’s lending needs. With decades of combined experience, our Commercial Lending team prides itself on building long-lasting relationships with our clients and helping them achieve their business goals. In 2021, our Commercial Lending team’s efforts led to Leader Bank being recognized by the U.S. Small Business Administration as the Massachusetts Lender to Retailer of the Year.