Barings, a leading financial services firm, has recently provided an $84 million loan to refinance the existing debt on Hotel Commonwealth in Boston, MA. The financing was advised by JLL for the sponsorship.
The hotel is located at 500 Commonwealth Avenue in Kenmore Square and is adjacent to Boston University’s campus and Fenway Park. Originally built in 2003, it underwent renovations and expansions in 2014 and 2015. In November of last year, Ohana Real Estate Investors acquired the property which features 245 rooms as well as over 12,500 square feet of meeting space across eight rooms.
According to Ryan Naumes, managing director at Barings: “The fundamentals of the Boston hotel market have been steadily improving following the COVID-19 pandemic with limited new supply expected to enter the market soon.” He also noted that Hotel Commonwealth stands out due its prime location near top medical institutions and academic centers as well as its proximity to major sports teams.
This recent transaction highlights Barings’ continued commitment towards providing strategic financing solutions for high-quality properties within strong markets like Boston.
