Developers of Canopy by Hilton Boston Downtown Secure $75M Construction Loan
The six-story, 151,235 square-foot project will include a 212-room hotel and three street level restaurant/retail spaces totaling 12,711 square feet.
BOSTON—Citizens Commercial Banking is providing a $75-million loan to Haymarket Parcel 9 Investors, LLC, whose sponsors are Boston-based CV Properties, New York City-based Olshan Properties and Harbinger Development of Boston, for the construction of a Canopy by Hilton Hotel on the Rose Kennedy Greenway here.
Providence, RI-based Citizens Commercial Banking is lead left arranger and agent for the construction financing deal that was arranged by commercial brokerage firm JLL.
The six-story, 151,235 square-foot project will include a 212-room hotel, three street level restaurant/retail spaces totaling 12,711 square feet; one of which will have access to an outdoor terrace that faces Hanover Street, and a second-floor hotel operated café/bar.
The. property will also feature a fitness center and 1,600 square feet of meeting space.
The project will be built on a 1.2-acre site bounded by Hanover Street to the north, Blackstone Street to the west, North Street to the south and the John Fitzgerald Surface Road and Rose Kennedy Greenway to the east. The hotel’s central, downtown location provides guests with access to Faneuil Hall, the Financial District, Back Bay and more. Additionally, Boston’s famed Freedom Trail abuts the site and connects the property to international tourist attractions.
The JLL Capital Markets debt placement team that represented the developer in the transaction was led by managing director Anthony Cutone and director Matt Enright.
CV Properties, led by Richard Galvin, has more than 30 years of real estate experience and has been active in the Northeast while also developing urban properties in Dallas and Los Angeles. CV has been one of Boston’s most active developers over the past decade, creating more than 3.5 million square feet of new commercial space valued at more than $1.4 billion.
Olshan Properties, a 55-year-old family-run real estate firm, owns and/or operates a diverse portfolio of 9 million square feet of retail properties, 14,000 multifamily units, 1,447 hotel rooms and 3 million square feet of office buildings.
Harbinger Development is a privately financed real estate investment and development company with investments also in Denver, CO. Since 2004, Harbinger has been active in the Boston market with direct involvement in more than 1,865 hotel rooms in development, multi-family, retail and office projects.