GenX Capital Partners, Capital Stack CREFi Wrap Up $53 Million Cambridge, MA Portfolio Financing
Brian Sheehan of Capital Stack Commercial Real Estate Finance announced today that his firm, along with GenX Capital Partners, completed the placement and closing of a $53 million portfolio financing that included a luxury boutique hotel development and two multifamily assets near MIT University
BOSTON, July 16, 2019 (Newswire.com) - Boston, Massachusetts-based Capital Stack CRE Financing and Miami-based GenX Capital Partners teamed up to underwrite and place the construction debt financing for the luxury “907 Main Hotel” in Cambridge, Massachusetts, along with the recapitalization of the sponsors’ nearby two multifamily assets, which produced a creative financing platform allowing the sponsors to retain all the equity in-house on Boston’s newest, hottest and hippest hotel, set to open in early 2020. The firms closed on the $37 million senior construction debt in May and the $16 million recapitalization financing yesterday.
The 45,000+ square foot, $45 million hotel will consist of 67 guest rooms and suites, a street-level restaurant, upscale bar and private dining room, a seasonal outdoor patio and a magnificent, one-of-a-kind rooftop bar that overlooks downtown Boston. The asset will be managed by award-winning, boutique hotel management firm Haycreek Hotels out of Portsmouth, New Hampshire.
“It’s like the perfect storm, really. You got top-notch sponsors/developers who are producing an amazing boutique hotel with all the bells and whistles in arguably the best spot in all of Boston, to be operated by an award-winning firm that hits home runs with everything they manage. Can’t wait for 907 Main to open, it’s going to be the talk of the town for years to come,” stated Mark McClure, managing partner for GenX Capital Partners.
Source: GenX Capital Partners
Categories: Real Estate