Square Mile Capital Enters Boston Market with $75M in Financing Secured by Boston Marriott QuincyMarch 21, 2018 - By The Real Reporter
QUINCY—New York City-based Square Mile Capital Management LLC recently teamed with JPMorgan Chase to originate $75M in financing secured by the Boston Marriott Quincy, a 466-key hotel located in Quincy, MA.
The financing was made to Columbia Sussex Corporation, a privately-owned hotel owner and operator based in Crestview Hills, KY, with a current portfolio in excess of 13,000-keys across the United States and St. Maarten. The loan, which was used to acquire the property and fund certain renovations, was arranged by Lawrence Britvan and Matt Jacobs of Hodges Ward Elliot’s New York City office.
Boston Marriott Quincy sits on top of a hill overlooking the 1.6 million-sf Crown Colony Office Park, with the guest rooms on its upper floors and views of the Boston skyline and coastline. “This transaction presented a compelling opportunity for Square Mile to expand its exposure in the Boston market, which is one of the strongest lodging markets in the country,” lauds Square Mile’s Michael Kusy. The strategic location of the property made entering the Boston CRE arena even more viable. “Boston Marriott Quincy has historically outperformed its competitive set, and we view the asset’s location in Quincy directly off of I-93 as a significant advantage. We are confident in the ability of Columbia Sussex, which is a repeat borrower of our firm and among the largest and most effective hotel owner-operators in the country, to enhance the property’s performance,” he adds. Square Mile looks forward to expanding its reach into the competitive Boston market.