MassMutual has reportedly provided Corcoran Jennison Hospitality (CJH) with a $70m loan to refinance the DoubleTree by Hilton Boston in downtown Boston, Massachusetts.
The 10-year loan backs the recently-upgraded, 268-unit, six-story hotel, situated in the heart of Boston’s Theatre District next to the Tufts Medical Center ‘T’ train station and Chinatown.
The loan takes out a previous $44.7m securitized loan that was used to refinance the property in September 2005, part of the Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2005-GG5.
CJH in April of last year completed an $8.6m dollar renovation of the hotel’s public spaces, guest rooms and suites. The first phase began in August 2012 with a transformation of upper/lower lobbies and the hotel’s main restaurant and bar. Phase two continued in November 2013 and carried the same design vision to the guest rooms.
Corcoran Jennison Hospitality was formed in 1985 to open and operate Ocean Edge Resort and Golf Club on Cape Cod — a hook-shaped peninsula in southeastern Massachusetts. The company provides real estate development and management services to investors, clients and partners in the hospitality industry.
MassMutual affiliate Cornerstone Real Estate Advisers provided a whopping $556m construction loan for a 47-story, 900-ft, 670,000 sq ft office tower set to rise at 425 Park Avenue in New York City in June, part of a recent surge in originations from the firm.