Key Takeaways
- • GenX Capital Partners, working with Capital Stack CRE Finance, underwrote and closed a $37.75 million construction loan from an unnamed New York real estate hedge fund for the 907 Main Hotel in Cambridge, Massachusetts.
- • The 907 Main Hotel is a $45 million upscale boutique project with 67 guest rooms and suites across roughly 42,000 square feet, located in Central Square near MIT.
- • Developers Patrick Barrett III and partners T.O. and Timothy Johnson have engaged Exeter, N.H.-based Hay Creek Hotels to handle design, development, pre-opening, and long-term management.
- • According to the publisher, the New York hedge fund lender offered speed, favorable leverage, and rates and terms comparable to conventional sources.
Summary
GenX Capital Partners announced on June 18, 2019 that, in collaboration with Capital Stack CRE Finance, it underwrote and closed a $37.75 million construction loan with a New York real estate hedge fund for the 907 Main Hotel in Cambridge, Massachusetts. The loan finances a $45 million upscale boutique hotel on Main Street in Cambridge's Central Square neighborhood, adjacent to the M.I.T. campus and surrounded by educational, biotech, pharmaceutical, and healthcare employers. The release was issued through Newswire.com and reflects the sponsors' own account of the transaction.
The project is being developed by Patrick Barrett III, a Cambridge developer and attorney, together with partners T.O. and Timothy Johnson. The family has previously developed commercial, retail, and residential properties in the Boston and Cambridge area. To run the asset, the developers have engaged Hay Creek Hotels, an award-winning hotel development and management company based in Exeter, New Hampshire, to oversee design, development, pre-opening, and long-term management.
The property will comprise 67 guest rooms and suites across approximately 42,000 square feet. Planned amenities include a street-level restaurant, bar, and private dining room, a seasonal outdoor patio, and a rooftop bar with views over downtown Boston. The building will retain Toscanini's Ice Cream, an established neighborhood tenant since 1981. Patti Chen's Dumpling Room, in an adjacent building, will continue to operate as an Asian dining venue.
According to the publisher's account, the New York hedge fund lender provided speed, favorable leverage, and rates and terms comparable to those of conventional lenders. The release does not name the hedge fund or disclose loan pricing, maturity, or leverage ratios.
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The project is being developed by Patrick Barrett III, a Cambridge developer and attorney, together with partners T.O. and Timothy Johnson. The family has previously developed commercial, retail, and residential properties in the Boston and Cambridge area. To run the asset, the developers have engaged Hay Creek Hotels, an award-winning hotel development and management company based in Exeter, New Hampshire, to oversee design, development, pre-opening, and long-term management.
The property will comprise 67 guest rooms and suites across approximately 42,000 square feet. Planned amenities include a street-level restaurant, bar, and private dining room, a seasonal outdoor patio, and a rooftop bar with views over downtown Boston. The building will retain Toscanini's Ice Cream, an established neighborhood tenant since 1981. Patti Chen's Dumpling Room, in an adjacent building, will continue to operate as an Asian dining venue.
According to the publisher's account, the New York hedge fund lender provided speed, favorable leverage, and rates and terms comparable to those of conventional lenders. The release does not name the hedge fund or disclose loan pricing, maturity, or leverage ratios.
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