The 907 Main Hotel, Cambridge MA
CAMBRIDGE, MA— Patrick Barrett III, a Cambridge, MA developer and attorney, and partners T.O. and Timothy Johnson have secured $37.75 million in financing for The 907 Main Hotel, a 67-room boutique hotel to be built here.
The $37.75 million construction financing was originated and underwritten in a collaboration between GenX Capital Partners, a real estate investment banking firm and direct lender based in Miami, and Capital Stack CRE Finance, a commercial real estate financing intermediary headed by long time Boston-based real estate veteran Brian Sheehan. The transaction was funded by a New York City-based real estate hedge fund.
The hotel project has been valued at $45 million. The 907 Main Hotel will be located on Main Street in Cambridge's Central Square neighborhood on the edge of the M.I.T. campus and will be surrounded by educational institutions, biotech firms, pharmaceutical and healthcare companies.
The 42,000-square-foot hotel will also feature a street level restaurant, bar and private dining room, a seasonal outdoor patio and a rooftop bar that will overlook Downtown Boston. The building will also house the existing tenant, Toscanini's Ice Cream, an iconic neighborhood fixture since 1981. In an adjacent building, Patti Chen's Dumpling Room will continue to service the multi-cultural neighborhood with an Asian dining experience.
“What Tim and Pat have done here is absolutely amazing. If all goes as planned, and it looks like it will, they are looking to open 907 Main late fall,” states Mark McClure, GenX Capital Partners managing director.
The developers have secured high-end boutique hotel owner and operator Hay Creek Hotels, a hotel development and management company based out of Exeter, NH to oversee the design, development, pre-opening and long-term management of the asset.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
