The hotel was purchased by Gemini Real Estate Advisors 18-months prior and began a $6-million renovation project, which involved its lobby, guestrooms, corridors and elevators. Much of the façade was covered under this reworking of the building. The loan this time around was broken up into an $11-million fixed-rate first mortgage and $2.91 million of preferred equity. EVP of CB Richard Ellis Keith Braddish and Jason Gaccione, a VP of CBRE, worked with fellow CRE man Michael Prakken to arrange the refi.
The five-story structure holds 72 rooms and 6,000 square feet of retail. Previously an independent boutique, this hotel changed its flag to the Holiday Inn Express. Located in the West End, it stands in close proximity to CBD, Boston Harbor and is easily accessible from Logan Airport.
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