BOSTON—Locally-based Boylston Properties has secured $56 million in permanent financing for the recently built Residence Inn Boston/Back Bay Fenway hotel here.
The deal, arranged by HFF, involves a 10-year fixed-rate loan for the 175-key extended stay property at 125 Brookline Ave. The loan was through Cornerstone Real Estate Advisers on behalf of an institutional lender.
Completed in July 2013, The Residence Inn Boston/Back Bay Fenway is an eight-story, 154,684-square-foot hotel with studio, one-bedroom and two-bedroom guestrooms. Amenities include a breakfast area, lounge/bar, meeting room, indoor pool, fitness center, outdoor terrace on the top floor, and below-grade parking for 50 cars. The property also includes approximately 6,000 square feet of ground floor retail spaced leased to Bar Louie's and Santander.
The HFF debt placement team representing Boylston was led by senior managing director Fred Wittmann and senior real estate analyst Robyn King.
“One of the pioneers of the Fenway revitalization, Boylston Properties continues its success in the neighborhood with the development of this exceptional hotel, which rose to one of the top five performing Residence Inns in the country in 2013,” says Wittmann. “On behalf of an institutional lender, Cornerstone Real Estate Advisers wisely outshined the competition to win this financing opportunity, and upheld its distinction through a smooth process.”
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