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BROOKLINE, MA-Carpenter & Co. has managed to nail down financing for its $30 million hotel project here in Coolidge Corner despite an increasingly tight market for hotel financing. The project is being co-developed by Cambridge, Massachusetts-based Carpenter & Co. and Shelton, Connecticut-based NewCastle Hotels and is being financed by Wells Fargo and Charles Bank.

“It’s never easy to get financing,” Richard Friedman, CEO of Carpenter & Co. tells GlobeSt.com. “But strong projects with strong sponsorship and strong locations can selectively get done.” The 189-room hotel will fly the Marriot Flag but Friedman will retain ownership, according to Amy Schectman, economic development officer for the town of Brookline.

The project has been nearly four years in the making and was initiated by the town, which owned the 32,000-sf parking lot where the hotel is being built. The town, which has only one other hotel that was developed “at least 25 years ago,” says Schectman, wanted a hotel on the site. “Municipalities are always under the gun to expand their tax base,” notes Schectman. “Hotels not only pay property taxes but they also pay a room tax so it’s an extra revenue source.” Schectman adds that the town felt the increase in foot traffic from business and leisure travelers would benefit the business area of Coolidge Corner.

Preserving the business area is also why the town insisted on a very specific design for the building, which, says Schectman, “fits exactly on the site and doesn’t cast shadows on the surrounding areas.” The hotel will not have a restaurant in order to encourage travelers to patronize local establishments. As part of the deal with Carpenter & Co. the development firm will be renovating nearby Webster Street at a cost of just under one million dollars.

The permitting is in place, says Schectman, and construction is expected to start shortly. “This has been a long time in coming,” she says.

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