BOSTON—The developers of the 330-room Aloft Hotel and the 180-room Element Hotel being built adjacent to the Boston Convention and Exhibition Center in the city’s Seaport District have secured $97 million in construction financing with RBS Citizens and Santander Bank, N.A.

The construction loan deal was announced by HFF, which placed the 42-month construction loan with the two lenders on behalf of a venture between Ares Management LLC and CV Properties LLC.

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