JLL has arranged $53.8 million in construction financing in the form of a participating mortgage for the development of Cambria Somerville-Cambridge, a new 163-room, full-service hotel in the infill Boston-area community of Somerville, Mass.
JLL worked on behalf of The Noannet Group to arrange the financing with a debt fund advised by UBS Asset Management Real Estate & Private Markets.
The Cambria Somerville-Cambridge, which is part of the Choice Hotels brand family, is expected to open in the winter of 2020 and will feature a fitness room, 13,326 square feet of meeting space and 4,000 square feet of restaurant space run by a well-known local chef. With a modern design courtesy of renowned architects Cambridge 7 Associates (Four Seasons Boston and New Orleans; Williams Inn; Hanover Inn at Dartmouth) and interiors by noted interior designer Bill Rooney (Four Seasons Boston; Liberty Hotel; Peninsula New York and Chicago), the hotel will blend into the eclectic vibe of Somerville and neighboring Cambridge. Housed on a 1.1-acre site at 515 Somerville Avenue, Cambria Somerville-Cambridge’s location is equidistant between Harvard, Union and Porter Squares; half a mile from Harvard University; and proximate to Kendall Square, Tufts University and MIT. The property is along the future MBTA Green Line subway extension and close to area demand drivers, including the 300,000-square-foot Somernova innovation-focused business park; the 2.4 million-square-foot Union Square master-planned redevelopment that includes lab, office, multifamily and retail space; and the 4.5 million-square-foot, mixed-use Cambridge Crossing project.
“The new Cambria Somerville-Cambridge is well positioned to take full advantage of all the positive developments taking place in the neighborhood, including transportation infrastructure and commercial developments already under way,” said Riaz Cassum, JLL senior managing director. “The lending community immediately recognized the potential for a new hotel to take advantage of the increasing demand for hotel rooms going forward.”
