Needham: May real estate deals topped by $40 million hotel transaction
Wicked Local The owner's of the Sheraton Hotel property at 100 Cabot Street avoided foreclosure last month after transferring the property's outstanding mortgage to a Texas-based private equity firm The previous owner, WCP Needham Cabot L.L.C, acquired the land and hotel structure for $54,000,000 in March 2015. On May 3, Norfolk registry data shows Needham Lending Company, LLC purchased the property for $40,475,102.68 in a "deed in lieu of foreclosure" deal. According to a copy of the deed, the "as is" fair market value of the property at 100 Cabot Street "is less than the principal a...
Source: wickedlocal.com