Camden, Maine, couple buys Waterside Inn on the Beach

BUYER: Waterside Inn Holdings LLC (associated members: Christopher and Mary Nolan), Sanibel
SELLER: Waterside Inn LLC and Waterside Inn LLC
PROPERTY: 3033 W. Gulf Drive, Sanibel
PRICE: $10 million
PREVIOUS PRICE: $4 million, June 1998

PLANS, DESCRIPTION:
Christopher and Mary Nolan of Camden, Maine, purchased the 27-unit Waterside Inn on the Beach on Sanibel Island for $10 million.

The price equated to $370,370 per unit.

The 2.24-acre beachfront property features a mixture of cottages and condominium units in nine buildings. The inn was originally built in 1940. Amenities include a heated swimming pool, barbecue grills, laundry facilities and shuffleboard courts.

The Nolans had not responded to a request for comment prior to deadline.

The purchase entity, Waterside Inn Holdings LLC, mortgaged the property to Sanibel Captiva Community Bank for two loans totaling $8.09 million.