Key Takeaways
- • GenX Capital Partners and Capital Stack CRE Finance (CSCREF) closed a $37.75 million construction loan for The 907 Main Hotel in Cambridge, Massachusetts, funded by a New York-based real estate hedge fund.
- • The 907 Main is a $45 million, 67-room upscale boutique hotel development located on Main Street in Cambridge's Central Square, adjacent to the MIT campus and a major biotech and pharmaceutical cluster.
- • The project is being developed by Patrick Barrett III, T.O. Johnson, and Timothy Johnson, with Hay Creek Hotels, an award-winning New Hampshire-based operator, handling design, development, and long-term management.
- • The 42,000 square foot hotel will feature guest rooms and suites, a street-level restaurant and bar, private dining, a seasonal outdoor patio, and a rooftop bar overlooking downtown Boston, while preserving existing tenants Toscanini's Ice Cream and Patti Chen's Dumpling Room.
- • The financing was sourced from a New York hedge fund that provided favorable leverage, rates, and terms, reflecting strong institutional interest in boutique hospitality development in a high-demand academic and innovation hub.
Summary
GenX Capital Partners announced on June 18, 2019, the closure of a $37.75 million construction loan for The 907 Main Hotel in Cambridge, Massachusetts, in partnership with Capital Stack CRE Finance. The financing was provided by a New York-based real estate hedge fund, which offered favorable leverage and competitive rates and terms. This transaction demonstrates institutional capital's sustained appetite for premium hospitality development in markets with strong demographic and economic fundamentals.
The 907 Main Hotel represents a $45 million development in Cambridge's Central Square, a vibrant neighborhood positioned on the edge of the MIT campus and surrounded by leading educational institutions, biotech firms, and pharmaceutical companies. The project was conceived by a developer team led by Patrick Barrett III, an established Cambridge developer and attorney, alongside partners T.O. Johnson and Timothy Johnson. The family brings significant experience developing commercial, retail, and residential properties throughout the Boston and Cambridge markets. The development has secured Hay Creek Hotels, an award-winning hotel development and management company based in Exeter, New Hampshire, to oversee design, development, pre-opening operations, and long-term asset management.
The 42,000 square foot hotel will contain 67 guest rooms and suites, complemented by street-level dining and hospitality amenities including a restaurant, bar, private dining room, seasonal outdoor patio, and rooftop bar with views overlooking downtown Boston. The project preserves and integrates existing neighborhood tenants, including Toscanini's Ice Cream, an iconic local fixture since 1981, and maintains Patti Chen's Dumpling Room in an adjacent building, ensuring continuity of the area's multicultural character. The financing structure and institutional backing reflect confidence in the boutique hotel segment within a market characterized by strong institutional presence, innovation-driven employment, and consistent visitor demand from academic and business sectors.
The 907 Main Hotel represents a $45 million development in Cambridge's Central Square, a vibrant neighborhood positioned on the edge of the MIT campus and surrounded by leading educational institutions, biotech firms, and pharmaceutical companies. The project was conceived by a developer team led by Patrick Barrett III, an established Cambridge developer and attorney, alongside partners T.O. Johnson and Timothy Johnson. The family brings significant experience developing commercial, retail, and residential properties throughout the Boston and Cambridge markets. The development has secured Hay Creek Hotels, an award-winning hotel development and management company based in Exeter, New Hampshire, to oversee design, development, pre-opening operations, and long-term asset management.
The 42,000 square foot hotel will contain 67 guest rooms and suites, complemented by street-level dining and hospitality amenities including a restaurant, bar, private dining room, seasonal outdoor patio, and rooftop bar with views overlooking downtown Boston. The project preserves and integrates existing neighborhood tenants, including Toscanini's Ice Cream, an iconic local fixture since 1981, and maintains Patti Chen's Dumpling Room in an adjacent building, ensuring continuity of the area's multicultural character. The financing structure and institutional backing reflect confidence in the boutique hotel segment within a market characterized by strong institutional presence, innovation-driven employment, and consistent visitor demand from academic and business sectors.
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