Barings, a global financial services firm, has recently announced 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 along with over 12,500 square feet of meeting space spread across eight rooms.
According to Ryan Naumes, managing director at Barings: “Following the COVID-19 pandemic,the fundamentals of Boston’s hotel market have been steadily improving with limited new supply expected to enter the market soon.” He also added that Hotel Commonwealth stands out due its prime location near some of world’s top medical institutions as well as leading life sciences companies and research centers. Additionally,the city boasts renowned professional sports teams which further contribute towards its diverse demand drivers.
