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Barings Provides $84M Loan To Refinance Hotel Commonwealth In Boston, MA
FINANCED
$84,000,000
Massachusetts
See Similar DealsHotel
Financed 01/16/2024
FINANCED
Barings Provides $84M Loan To Refinance Hotel Commonwealth In Boston, MA
500 Commonwealth Avenue
See Similar DealsHotel
Financed 01/16/2024
Summary
MASSACHUSETTS
Asset Type:Hotel
Transaction Type:Loan
Barings, a global real estate investment manager, has provided an $84 million loan to refinance Hotel Commonwealth in Boston, Massachusetts. The property is located at 500 Commonwealth Avenue and consists of a hotel with 245 keys. The loan was granted to support the ongoing operations and development of the hotel.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $84,000,000
- Address: 500 Commonwealth Avenue
- Market: Boston, MA
- Lender: Ryan Naumes - Barings
- Landlord: G. Christopher Smith - Ohana Real Estate Investors
Ryan Naumes from Barings acted as the lender in this transaction, providing the necessary funds to refinance the Hotel Commonwealth. G. Christopher Smith, representing Ohana Real Estate Investors, served as the landlord for the property. This loan will contribute to the ongoing success and growth of the hotel in one of Boston's most prominent locations.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$84,000,000.00
Monthly NOI$560,000.00
Monthly Debt Service$530,937.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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