John Hancock Financial has provided a $100m first mortgage loan to Saudi Arabia-based Enpro International for the refinancing the Four Seasons Hotel Boston, according to reports.
The loan takes out an $80m securitized loan (JPMCC 2005-LDP3) the developers received in 2005.
The hotel covers the bottom eight floors of the 16-story building, while the rest is comprised of 95 residential condominium units. The 273-unit brick building, located in Boston’s theater district at 200 Boylston Street, overlooking Boston Public Garden, has about 20,124 sq ft of meeting space.
The hotel also features The Bristol lounge bar and restaurant, an indoor pool on the eighth floor, a 3,710 sq ft ballroom, gym and a wellness center. The property, built in 1985, underwent a $48m renovation between 2004 and 2006.
In June of 2014, Four Seasons Hotels and Resorts announced plans for construction of the 60-story Four Seasons Tower, a $700m project to be built next to the Christian Science Plaza in Boston’s Back Bay neighborhood. The 700-ft-tall luxury condominium building, slated for completion in 2018, is to become the city’s tallest residential building.
E. A. Juffali & Brothers, Enpro’s parent company, is one of the largest trading, manufacturing, and industrial conglomerates in Saudi Arabia, with joint ventures in various industries covering construction, computer hardware and electronics.