{"id":1004105635,"date":"2014-10-15T07:17:04","date_gmt":"2014-10-15T15:17:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105635"},"modified":"2022-12-09T02:54:34","modified_gmt":"2022-12-09T10:54:34","slug":"boylston-gets-57m-in-financing-for-157-key-boston-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boylston-gets-57m-in-financing-for-157-key-boston-hotel\/","title":{"rendered":"Boylston Gets $57M in Financing for 157-Key Boston Hotel"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105638\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boylston-gets-57m-in-financing-for-157-key-boston-hotel\/residence-inn-bostonback-bay-fenway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg\" data-orig-size=\"553,399\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Residence Inn BostonBack Bay Fenway\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg?w=553\" class=\"alignright size-medium wp-image-1004105638\" alt=\"Residence Inn BostonBack Bay Fenway\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg\" width=\"300\" height=\"216\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg 553w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Residence-Inn-BostonBack-Bay-Fenway.jpg?resize=300,216 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Residence Inn Boston\/Back Bay Fenway has been attracting the attention of Boston visitors since its opening last year, and now the 175-room extended-stay property has caught the eye of the lending community. With the assistance of capital markets intermediary HFF, owner Boylston Properties just obtained $56.5 million in permanent financing for the asset through Cornerstone Real Estate Advisors.<\/p>\n<p>&#8220;There was a lot of interest; life companies, CMBS lenders, banks&#8211;the whole gamut,&#8221; Frederic Wittmann, senior managing director with HFF, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>The prospective lenders had their reasons for clamoring for the opportunity to supply financing for Residence Inn Boston\/Back Bay, which Cornerstone ultimately provided in the form of a 10-year, fixed-rate loan. Standing eight-stories high at 125 Brookline Ave., the hotel has location on its side.<\/p>\n<p>&#8220;It&#8217;s close to Longwood [Medical and Academic Area] and near demand generators like Boston University and Fenway Park,&#8221; Wittmann added.<\/p>\n<p>&nbsp;<\/p>\n<p>Additionally, the success of the nearly 155,000-square-foot property, which also features 6,000 square feet of ground-level retail space, since its debut in July 2013 certainly did not go unnoticed by the competing lenders. As Wittmann noted, &#8220;It opened and quickly became one of the best Residence Inn performers.&#8221; As a matter of fact, Residence Inn Boston\/Back Bay ranked as one of the top five performing Residence Inns in the U.S. last year.<\/p>\n<p>&#8220;The hotel is on one of these sites that clearly wasn\u2019t obvious to hotel developers and it got built and now it&#8217;s obvious that it is a great site for a hotel, particularly for an extended-stay property,&#8221; he said. &#8220;It was the right product in the right moment and Cornerstone realized it.&#8221;<\/p>\n<p>And the solid sponsorship undoubtedly was a factor as well. There was plenty for Cornerstone to love in this financing opportunity.<\/p>\n<p>&#8220;Cornerstone is a very practiced, experienced and knowledgeable hotel lender, and they just got it&#8211;not that they were an outlier. Others got it and wanted to finance it as well, but Cornerstone had an attractive set of terms and conditions,&#8221; Wittmann concluded.<\/p>\n<p>Wittmann was joined by Robyn King, a senior real estate analyst with HFF in representing Boylston Properties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Residence Inn Boston\/Back Bay Fenway has been attracting the attention of Boston visitors since its opening last year, and now the 175-key extended-stay property has caught the eye of the lending community. <\/p>\n","protected":false},"author":969,"featured_media":1004105638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,11,21742],"tags":[],"class_list":["post-1004105635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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