Barings Provides $84M Refi to Hotel Commonwealth in Boston
Barings has provided an $84 million loan to refinance the existing loan on Hotel Commonwealth in Boston, MA. JLL advised the sponsorship on the financing from Barings.
Located at 500 Commonwealth Avenue, situated in Kenmore Square, adjacent to Boston University’s campus and Fenway Park, the hotel was built in 2003 and renovated and expanded in 2014 and 2015. Ohana Real Estate Investors acquired the 245-room hotel in November 2020. The hotel features 12,500 square feet of meeting space across eight rooms.
“Fundamentals in the Boston hotel market continue to improve following the COVID-19 pandemic with limited new supply entering the market in the near term,” said Ryan Naumes, managing director with Barings. “Hotel Commonwealth is uniquely positioned to benefit from Boston’s diverse demand drivers including a concentration of the world’s best medical and academic institutions, a leading life sciences and research sector, and its world-renowned professional sports teams.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.