36 — August 2024 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest JLL advises Mainstreet Capital Partners, Inc. and Contrarian Capital Management, LLC
Tremont Realty Capital announces the closing of a $27 Million mortgage loan
W
AYNE, PA — Tremont Re- alty Capital an-
sponsorship of Mainstreet Capital Partners, Inc. and Contrarian Capital Man- agement, LLC . Funding for the loan was provided by The RMR Group . Tom Lorenzini, Senior Vice President of Tremont Realty Capital, made the following statement: “Tremont continues to be an active participant in middle market commercial real estate transactions. Including the 400 Devon Park Drive loan, Tremont has closed more than $100 million in loans in 2024. With a robust pipeline, Tremont is well positioned to execute quality loan oppor- tunities across all property types.” MAREJ CHC secures $42,312,500 for the acquisition of Cambria DC Convention Center Plainsboro Village Center WASHINGTON DC — Cronheim Hotel Capi- tal (CHC) has secured $42,312,500 for the acquisition of the 182-key Cambria Hotel Washington DC. Convention Center. The Cambria was de- veloped by Concord Hospitality in 2014 and offers oversized, modern guest rooms, a conve- nient location just one block from the convention center and an expansive rooftop with excellent views over the city. The Sponsor, Frontier Devel- opment & Hospitality Group, is based in Washington DC and is planning a comprehensive renovation and rebranding of the asset to a Hyatt House flag. David Turley , president of CHC, noted: “The Spon- sor identified a great as- set with a huge amount of potential that many others had overlooked. A big part of our process was ensuring we clearly communicated the as- set’s potential and the unique aspects of the deal in order to secure the best financing terms available.” MAREJ
nounced the closing of a $27 million first mortgage loan to refinance 400 Devon Park Dr., a 138,065 s/f industrial property located at 400 Devon Park Dr. in Wayne, an affluent Philadelphia submarket. The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. Tremont Realty Capital was introduced to the transaction by JLL , which advised the joint venture
400 Devon Park Dr.
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