$11M refinancing secured for historic inns on Nantucket
JLL Capital Markets led the refinancing efforts for the Anchor Inn and Greydon House
BOSTON – September 22, 2022 – JLL Capital Markets announced today that it has arranged an $11 million refinancing for the Anchor Inn and Greydon House in Nantucket, Massachusetts.
JLL worked on behalf of the borrower, Faros Properties, to secure a fixed-rate loan through Tristan Pierce of HarborOne Bank.
Originally built in 1806, the Anchor Inn is a 12-key bed-and-breakfast located at 66 Centre St. Greydon House, also a historic property that was built in 1850, is a 20-key, luxury hotel located at 17 Broad St. Combined, the two hotels offer 32 rooms and up-scale dining at Via Mare at Greydon House.
The JLL Capital Markets team representing the borrower was led by Senior Director Jonathan Schneider.
“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. Nantucket is typically regarded as the most desirable leisure destination in the region.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Faros Properties
Faros Properties is a vertically integrated, full-service owner, developer and operator of real estate. Faros focuses on core principles of entrepreneurship, integrity, alignment of interests and creating a positive impact. The foundation of its business is built on its long-term relationships with its investors, partners, tenants and residents. Faros endeavors to build and create impactful spaces to live, work and thrive.
About HarborOne Bank
HarborOne Bank is headquartered in Massachusetts, with $4.7 billion in assets. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 31 full-service branches, and two commercial loan offices in Boston and Providence. The Bank also provides a range of educational services through “HarborOne U,” with content and classes available on personal finance and small business delivered virtually as well as at community locations throughout Massachusetts and Rhode Island. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices throughout Massachusetts, Rhode Island, and New Hampshire and is licensed in seven additional states.