GenX Capital, CSCREF Close $37.75MM With NY Hedge Fund for Cambridge Hotel Development
GenX Capital Partners announced today that in collaboration with Capital Stack CRE Finance, they underwrote and closed a $37.75MM construction loan with a NY real estate hedge fund for the ultra-hip, 907 Main boutique hotel in Cambridge MA
BOSTON, June 18, 2019 (Newswire.com) - Cambridge, Massachusetts is soon to be home to The 907 Main Hotel, a $45 million, upscale boutique hotel project situated on Main Street in the heart of Cambridge’s Central Square neighborhood, a bustling and vibrant area located on the edge of the M.I.T. campus surrounded by educational institutions, biotech firms, pharmaceutical and healthcare companies. The 67 room property is being developed by Patrick Barrett III, a notable Cambridge developer and attorney along with his partners, T.O. and Timothy Johnson. Together the family has significant experience developing commercial, retail and residential properties in the Boston/Cambridge area. The developers have secured high-end boutique hotel owner and operator Hay Creek Hotels, an award-winning hotel development and management company based out of Exeter, N.H. to oversee the design, development, pre-opening and long-term management of the asset.
The 42,000 square foot hotel will consist of 67 guest rooms and suites, a street level restaurant, bar and private dining room, a seasonal outdoor patio and a gorgeous rooftop bar that overlooks downtown Boston. The building will also house the existing tenant, Toscanini’s Ice Cream, an iconic neighborhood fixture since 1981. In an adjacent building, Patti Chen’s Dumpling Room will continue to service the multi-cultural neighborhood with an Asian dining experience.
“What Tim and have Pat have done here is absolutely amazing. If all goes as planned, and it looks like it will, they are looking to open 907 Main late fall,” stated Mark McClure, GenX Capital Partners managing director.
The $37.75 million construction financing was originated and underwritten in a collaboration between GenX Capital Partners, a real estate investment banking firm and direct lender out of Miami, Florida and Capital Stack CRE Finance, a commercial real estate financing intermediary headed by long time Boston based real estate veteran Brian Sheehan, who has in excess of $1 billion in closings under his belt. The transaction was funded by a New York based real estate hedge fund which provided speed, favorable leverage and rates and terms comparable to area banks.
Source: GenX Capital Partners
Categories: Real Estate Investments