WELLS FARGO PROVIDES $26 MILLION LOAN

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PORTLAND, MAINE —Wells Fargo has provided a $26 million loan for the construction of a Residence Inn by Marriott in Portland. Located at Hancock and Fore streets in the Eastern Waterfront section of Portland, the five-story hotel will contain 137 studio suites, 34 one-bedroom suites, eight two-bedroom suites and 2,500 square feet of retail space. Susan Leff of Wells Fargo originated the loan on behalf of the borrower, Norwich Partners of Florida LLC and Summit Hotel Properties. The hotel will be managed by True North Hotel Group.

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