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| Rendering of planned Seaport Aloft Hotel Boston, MA |
BOSTON, MA – HFF announced today that it has secured a $97
million construction loan for the development of a 330-room Aloft Hotel and
a 180-room Element Hotel adjacent to the Boston Convention and
Exhibition Center (BCEC) in Boston’s Seaport District.
Working on behalf of a venture between Ares Management LLC and CV
Properties LLC, HFF placed the 42-month construction loan with RBS Citizens and
Santander Bank, N.A.
The
two hotels will be situated on a 3.1-acre site at 371-401 D Street leased from
the Massachusetts Convention Center Authority (MCAA) in Boston’s Seaport
District.
The Aloft Hotel will be a 13-story hotel with 325 guestrooms
and five one-bedroom suites. Hotel
amenities will include a grab and go gourmet eatery, fitness center, pool,
outdoor entertainment area, Aloft’s signature w xyz bar, and 12,000 square feet
of function space.
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| Anthony Cutone |
The Element Hotel will be designed for longer-stay travelers
and will feature 180 guestrooms with fully-equipped kitchens, flexible work
space and spa-inspired bathrooms.
The six-story hotel
will have studio suites, one-bedroom suites, standard king rooms and eight
conference suites. Hotel amenities will
include a pool and fitness center, Restore: Gourmet Pantry, a bike sharing
program and meeting space.
The
HFF debt placement team representing the borrower was led by managing director Anthony
Cutone and senior real estate analyst Alan Suzuki.
The Citizens team was led by Kevin Boyle, Chris Robie and
John Fahy.
The Santander team was led by George Brockman,
director of commercial real estate, and Pete Olivier, senior commercial
real estate banker.
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| Alan Suzuki |
“The
development of the Aloft and Element Hotels will add more than 500 hotel rooms
to the immediate BCEC area, providing a degree of relief to the undersupplied
Boston hotel market and allowing the Boston Exhibition and Convention Center to
more effectively compete for convention business,” said Cutone.
“We are excited to be able to play a continuing role in the
growth of Boston’s Seaport District. We
have partnered with developers to finance other projects in the area including
100 Northern Avenue and Waterside Place and are very pleased to be able to work
on the projects that are changing the face of this part of Boston,” said Gary
Magnuson, Head of Commercial Real Estate for RBS Citizens.
“With so many
visitors coming to Boston to enjoy all that the city has to offer, we wish the
Aloft and Element hotels success.”
For more
information about Santander, visit www.santanderbank.com
or call 877-768-2265.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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