Cornerstone Real Estate Advisers has arranged a $56.5m loan to support the future of the new Residence Inn Boston – Back Bay Fenway [Park] in Boston, Massachusetts.
The 10-year fixed rate loan to Boylston Properties backs the 175-key, extended stay hotel at 125 Brookline Avenue, which the firm completed and opened last summer. Boston-based Group One Partners was the architect on the project.
One of the first hotels built near the century-old Fenway Park baseball stadium in decades, the eight-story, 154,684 sq ft extended-stay Residence Inn features studio, one-bedroom and two-bedroom guestrooms.
The property also includes approximately 6,000 sq ft of ground floor retail space leased to Bar Louie’s and Santander.
The hotel is within walking distance or a short drive from Longwood Medical and Academic area, Boston University and Northeastern University, in addition to Fenway Park and the Fenway Triangle redevelopment area.
An HFF debt placement team represented the borrower.
“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,” said senior managing director Fred Wittmann, in a prepared statement.
He noted that the hotel has become “one of the top five performing Residence Inns in the country in 2013″ and called Boylston Properties “one of the pioneers of the Fenway revitalization.”
In the Fall of 2006, Boylston Properties and Samuels & Associates completed a mixed-use complex known as Trilogy in the Fenway neighborhood. The $213m, 581-unit residential and retail project was seen as a major catalyst for the continued transformation of the historic neighborhood.