The Boston office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged first mortgage financing and joint venture equity totaling $90 million for the acquisition of a 654-room, three-hotel portfolio in Mass. The portfolio includes Holiday Inn Brookline, Hampton Inn Boston-Logan Airport in Revere and Holiday Inn Mansfield.
HFF managing director Sarah Leggat, director Gregory LaBine and senior real estate analyst Robyn King worked exclusively on behalf of Linchris Hotel Corp. to secure the $64.5 million, three-year, adjustable-rate loan with Anglo Irish Bank Corp., PLC. Strategic Capital Partners provided $22 million in joint venture equity.
Holiday Inn in Brookline is located at 1200 Beacon St. close to Kenmore Sq. and off the MBTA Green Line that provides access to downtown. The property has 225 rooms including 25 suites and amenities including a restaurant and lounge, Starbucks, indoor pool, fitness center and 6,400 s/f of meeting space.
Situated along Rte. 1A in Revere, Hampton Inn Boston-Logan Airport is two miles from Logan International Airport and three miles from downtown Boston. The seven-story property opened in 2001 and has 227 rooms including 25 suites.
Holiday Inn Mansfield is located on Hampshire St. within the Cabot Business Park close to I-95 and 495. Renovated in 2006, the property has 202 guest rooms including 16 suites and features a restaurant and lounge, indoor pool and health and fitness center.
"Despite the challenging financing markets of the last few months, we were able to access and secure capital from both of these steadfast capital sources. Strategic Capital Partners and Anglo Irish Bank are exceptional groups to work with and will provide Linchris with a smooth foray into the realm of institutional finance," said Leggat.