GenX Capital Partners in collaboration with Capital Stack CRE Finance has underwrote and closed a $37.75 million construction loan with a N.Y. real estate hedge fund for 907 Main boutique hotel in Cambridge, Mass.
The $37.75 million construction financing was originated and underwritten in a collaboration between GenX Capital Partners, a real estate investment banking firm and direct lender out of Miami, and Capital Stack CRE Finance, a commercial real estate financing intermediary headed by long-time Boston based real estate veteran Brian Sheehan, who has in excess of $1 billion in closings under his belt. The transaction was funded by a New York based real estate hedge fund, which provided speed, favorable leverage and rates and terms comparable to area banks.
The 907 Main Hotel is a $45 million, upscale boutique hotel project situated on Main Street in the heart of Cambridge's Central Square neighborhood, a bustling and vibrant area located on the edge of the M.I.T. campus surrounded by educational institutions, biotech firms, pharmaceutical and healthcare companies.
The 67-room property is being developed by Patrick Barrett III, a notable Cambridge developer and attorney along with his partners, T.O. and Timothy Johnson. Together the family has significant experience developing commercial, retail and residential properties in the Boston/Cambridge area. The developers have secured high-end boutique hotel owner and operator Hay Creek Hotels, an award-winning hotel development and management company based out of Exeter, N.H., to oversee the design, development, pre-opening and long-term management of the asset.
The 42,000 square foot hotel will consist of 67 guest rooms and suites, a street level restaurant, bar and private dining room, a seasonal outdoor patio and a gorgeous rooftop bar that overlooks downtown Boston. The building will also house the existing tenant, Toscanini's Ice Cream, an iconic neighborhood fixture since 1981. In an adjacent building, Patti Chen's Dumpling Room will continue to service the multi-cultural neighborhood with an Asian dining experience.