Barings has granted a $115 million loan to refinance the Renaissance Boston Seaport Hotel, which has been owned by a joint venture between Rockpoint, Highgate and hotelAVE since 2015.
According to Jonathan Neff, managing director at Barings, the Boston hotel market is experiencing positive growth with minimal new developments expected in the near future. The Renaissance is strategically located in an area surrounded by various demand drivers such as top employers in Boston, the Convention and Exhibition Center and popular retail and entertainment destinations.
The Renaissance Boston Seaport Hotel can be found at 606 Congress St. in the Seaport District with stunning views of Boston Harbor. Originally built in 2008, it will undergo a comprehensive renovation project that is set to be completed by 2025. The property boasts nearly 21,000 square feet of versatile meeting space along with a grand ballroom spanning over10 ,700 square feet.
Eastdil Secured acted as advisor for securing financing from Barings on behalf of ownership group.
