The 907 Main Hotel, Cambridge MA The 907 Main Hotel, Cambridge MA

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CAMBRIDGE, MA— Patrick Barrett III, a Cambridge, MA developerand attorney, and partners T.O. and Timothy Johnson have secured$37.75 million in financing for The 907 Main Hotel, a 67-roomboutique hotel to be built here.

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The $37.75 million construction financing was originated andunderwritten in a collaboration between GenX Capital Partners, areal estate investment banking firm and direct lender based inMiami, and Capital Stack CRE Finance, a commercial real estatefinancing intermediary headed by long time Boston-based real estateveteran Brian Sheehan. The transaction was funded by a New YorkCity-based real estate hedge fund.

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The hotel project has been valued at $45 million. The 907 MainHotel will be located on Main Street in Cambridge's Central Squareneighborhood on the edge of the M.I.T. campus and will besurrounded by educational institutions, biotech firms,pharmaceutical and healthcare companies.

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The 42,000-square-foot hotel will also feature a street levelrestaurant, bar and private dining room, a seasonal outdoor patioand a rooftop bar that will overlook Downtown Boston. The buildingwill also house the existing tenant, Toscanini's Ice Cream, aniconic neighborhood fixture since 1981. In an adjacent building,Patti Chen's Dumpling Room will continue to service themulti-cultural neighborhood with an Asian dining experience.

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“What Tim and Pat have done here is absolutelyamazing.  If all goes as planned, and it looks like itwill, they are looking to open 907 Main late fall,” states MarkMcClure, GenX Capital Partners managing director.

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The developers have secured high-end boutique hotel owner andoperator Hay Creek Hotels, a hotel development and managementcompany based out of Exeter, NH to oversee the design, development,pre-opening and long-term management of the asset.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.