BOSTON- Holliday Fenoglio Fowler secured a $48 million, mini-permanent loan on behalf of Boylston Properties Company, according to a statement from the company. The funds will be used for development of a 175-room Residence Inn by Marriott hotel property to be located at 121 Brookline Avenue. The neighborhood is adjacent to Fenway Park, at close proximity to the retail and restaurants of Boston’s Bay Bay and South End areas.
An HFF statement indicated that the Residence Inn is slated for 2013 completion and will have select service and extended stay options in studio, one- and two-bedroom guestrooms. Other hotel amenities include a breakfast area, lounge and bar, 700-square-foot meeting room, indoor rooftop pool and a fitness center.
Greg LaBine, director with HFF, was on the team that worked on behalf of Boylston Properties and was quoted as saying about the transaction: “While hotel construction financing can be challenging in the current marketplace, the combination of premier Boston location, top brand and high quality sponsorship made this an attractive loan opportunity.”
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