HFF Brings Inn $48 Million To Build Boston Hotel

BOSTON—Showing signs of renewed vigor in the Hub’s hotel sector, Holliday Fenoglio Fowler has secured $48 million in construction financing through US Bank to erect a 175-room Residence Inn by Marriott that will be sited mere blocks from Fenway Park. The builder is Boylston Properties, a local developer active in the Fenway/Longwood Medical Area that had permits for a laboratory building at 121 Brookline Ave. before shifting to a hospitality use, apparently with little consequence.

The three-year, floating rate US Bank note was arranged by HFF Senior Managing Director Fred Wittman and Director Greg LaBine through the firm’s Boston office. Concurring that hotel construction financing is not easily attained, LaBine says in a press release issued this week that “the combination of premier Boston location, top brand and high-quality sponsorship made this an attractive loan opportunity.” US Bank is credited for displaying “great flexibility and imagination at key points in the process in order to get this finances,” while LaBine further applauds the lender for “great service in quickly getting through the documentation and closing process.”

Led by William P. McQuillan, Boylston Properties anticipates an opening of the hotel in June 2013. The units will be a mix of studios as well as one- and two-bedroom guestrooms. Hotel amenities include a breakfast area, lounge/bar, fitness facility and indoor rooftop pool, plus an outdoor terrace on the top floor. There will also be a 700-sf business center and 6,000 sf of retail space.