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710 Boylston Street

Bank Of New England Provides $55.82 Million Refinance Loan For Lenox Hotel In Boston
FINANCEDHotel

Bank Of New England Provides $55.82 Million Refinance Loan For Lenox Hotel In Boston

710 Boylston Street

$55,820,000

Building Size

Asset Type

Hotel

Closing

Feb 18, 2025

AI

The Lenox Hotel, located at 710 Boylston Street in Boston, MA, is a 214-room hotel that has been owned by the Saunders Hotel Group since 1963. The property has seen significant renovations amounting to $50 million since 2007. The recent refinancing involved a mortgage from the Bank of New England.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $55,820,000
  • Market: Boston, MA
  • Lender: Bank of New England
  • Landlord: Jeffrey Saunders - Saunders Hotel Group
  • Loan Type: Refinance
  • Keys: 214

The refinancing transaction was led by Bank of New England, providing exclusive financial services to facilitate the deal. Jeffrey Saunders represents the landlord in this transaction, further solidifying the longstanding operations of Saunders Hotel Group in the Boston area.

Players

Bank of New England
Bank of New EnglandLender

Boston Hotel Market Snapshot

Boundary boundary · Hotel · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.28%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93