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$30 Mil Hotel Project Wins Financing, Building to Begin Soon

BROOKLINE, MA-Despite an increasingly tight market for hotel financing, Cambridge-based Carpenter & Co. acquires financing for a 188-room hotel project in Coolidge Corner. The project has been in the works for nearly four years.

By Naomi Grossman | Updated on November 02, 2001

BROOKLINE, MA-Carpenter & Co. has managed to nail down financing for its $30 million hotel project here in Coolidge Corner despite an increasingly tight market for hotel financing. The project is being co-developed by Cambridge, Massachusetts-based Carpenter & Co. and Shelton, Connecticut-based NewCastle Hotels and is being financed by Wells Fargo and Charles Bank.

“It’s never easy to get financing,” Richard Friedman, CEO of Carpenter & Co. tells GlobeSt.com. “But strong projects with strong sponsorship and strong locations can selectively get done.” The 189-room hotel will fly the Marriot Flag but Friedman will retain ownership, according to Amy Schectman, economic development officer for the town of Brookline.

The project has been nearly four years in the making and was initiated by the town, which owned the 32,000-sf parking lot where the hotel is being built. The town, which has only one other hotel that was developed “at least 25 years ago,” says Schectman, wanted a hotel on the site. “Municipalities are always under the gun to expand their tax base,” notes Schectman. “Hotels not only pay property taxes but they also pay a room tax so it’s an extra revenue source.” Schectman adds that the town felt the increase in foot traffic from business and leisure travelers would benefit the business area of Coolidge Corner.

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