BOSTON, MA – HFF announced today that it has arranged a $21 million refinancing for Hotel Tria (top left photo), a 121-room boutique hotel in Cambridge, Massachusetts.
HFF worked exclusively on behalf of KW Development LLC to secure a new $16 million first mortgage provided by Ladder Capital Finance LLC.
In a separate transaction, HFF also advised the ownership in securing a $5 million mezzanine and preferred equity loan on behalf of KW Development from a private investor. The combined proceeds of these loans were used to refinance the existing loan on the property.
Hotel Tria is located at 220 Alewife Brook Parkway on Route 2 in Cambridge in the burgeoning neighborhood of West Cambridge. The property benefits from the recent and planned development in the area and its proximity to the Alewife MBTA train station.
Acquired by the owner in 2008, the property underwent an extensive renovation and expansion in 2009, which included the renovation of the existing 66 guest rooms along with the addition of 55 guest rooms.
The property is part of the Best Western franchise and has earned the distinction of being named a Best Western Plus hotel by the brand. Hotel amenities include a business center, fitness center, shuttle service, bar and on-site Starbucks.
The HFF team representing KW Development LLC was led by senior managing director Riaz Cassum (middle right photo) and director Lauren O’Neil.
KW Development LLC (“KW”), based in Wayland, Massachusetts, was formed in 1984 by Robert Karol to develop, own and manage lodging properties and commercial real estate.
Over the years, KW has developed, owned and managed a successful hotel portfolio under the Marriott, Starwood, US Franchise Systems and Choice Hotels brands as well as a variety of other commercial real estate assets.
Contacts:
RIAZ A. CASSUM
HFF Senior Managing Director
617) 338-0990
LAUREN O’NEIL
HFF Director
(617) 338-0990
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
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