An affiliate of Paceline Equity Partners has acquired a commercial loan secured by a senior mortgage encumbering a Sheraton Hotel located in the Boston suburban area of Needham. The acquisition closed in January 2021.
Located just outside of Boston, the full-service hotel features a full slate of amenities. The hotel is located on the I-95 Corridor, within the 41-acre Needham Crossing business district.
“This commercial loan and the collateral strength of the Sheraton Needham are supported by the long-term fundamentals of the Needham submarket, which benefit from attractive local demographics and diverse demand drivers, including corporate, education, healthcare and leisure travelers,” said Sam Loughlin, CEO at Paceline. “While we have taken a conservative view of the recovery timeline for the Greater Boston area and the broader U.S. hospitality industry, this investment is supported by Paceline’s rigorous underwriting process and deep experience navigating prior hospitality cycles, and we will continue to identify attractive investment opportunities in the commercial real estate sector.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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