Boston & New England + Boston + Hospitality | July 16, 2019

Knighthead Provides $37M Construction Loan for Cambridge Hotel Conversion

Greenwich, CT-based lender Knighthead Funding has provided a $37.7 million construction loan for the conversion of a four-story multifamily building into a 67-room boutique hotel in Cambridge.

Located at the corner of Columbia Street and Main Street in the Central Square neighborhood of Cambridge, the hotel will include ground-floor retail and a 10,000-square-foot fifth floor penthouse with a rooftop lounge. The new hotel is expected to open in the first quarter of 2020 and will be managed by Hay Creek Hotels, which operates 19 boutique hotels across the country.

Knighthead provided the 24-month financing to the borrower, a local partnership operating as Sean Casey LLC.

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About David Cohen

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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.