$70M Financing Secured for Park Plaza Hotel and Building

BOSTON-Financing in the amount of $70 million was secured for the Boston Park Plaza Hotel and the 20 Park Plaza office building on Arlington Street. New England Realty Resources represented the borrower in securing the loan from Metropolitan Life Insurance Co. in New York.

The hotel and office building total nearly one million sf of space. The hotel contains more than 900 guest rooms and over 42,000 sf of convention center space. The hotel is adjoined with the 250,000 sf 20 Park Plaza office building, and together they encompass an entire block in the city’s Back Bay neighborhood.

Part of the proceeds from the loan will be used to add additional amenities to the hotel, which was originally developed in 1927. According to Jim Murphy, principal of New England Realty, “The key to the success of the deal was the strong performance of the hotel and office building. That performance allowed us to leverage our relationships and capital markets’ expertise to find attractive financing for these property types, even in the current environment.”