"Since each asset represents new construction and are just reaching stabilization, we closed the loan based on a pro forma 12-month income stream," Brome says "A letter of credit was used to secure the mortgage so that we could fund the full amount based on a stabilized value."
The 130-room Amerisuites Hotel, at 303 Sable Oaks Drive in South Portland was built in 1998, as was the 90-room Residence Inn, at One International Drive in Portsmouth.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
