Red Oak provided $5,100,000 to refinance a 20-room historic luxury boutique hotel/inn and restaurant in Camden, Maine. Listed as one of the top boutique inns in the United States by USA Today, the storied property at 83 Bayview overlooks the Atlantic Ocean. The owners purchased the property in February 2007 for $2,950,000. The property underwent extensive rehabilitation and upgrades in 2012-2013 and 2017. The experienced ownership group has invested more than $2,900,000 in the property renovations.
Due to a bankruptcy, the refinance represents a negotiated discounted payoff of the current liens, and a discharge of the bankruptcy in order to re-stabilize the entity and operation. The property still experienced strong NOI in 2019 and 2020. Currently, there is a pending LOI for an SBA loan as the exit strategy, pending the discharge of the bankruptcy.