Sherburne Inn in Nantucket
- Closed 1 week after the P&S was signed.
- Loan Amount: $1,960,000
- Location: Nantucket, Massachusetts – Sherburne Inn
- Loan Type: Commercial Bridge
EMCAP’s loan was for the purchase only of the Sherburne Inn, an 8-room lodging house located in the historic downtown area of Nantucket. EMCAP funded the loan 1 week after the Purchase & Sales Agreement was executed. The Borrower will be converting the innkeeper’s quarters into 2 additional guest rooms and will add the Inn to their existing hospitality portfolio. Due to timing, the Borrower came to EMCAP for speed of execution and simplicity of the approval process. They will convert this debt to a traditional loan once the renovations are completed.