CHARLOTTE, N.C.–(BUSINESS WIRE)–Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided an $84 million loan to refinance the existing loan on Hotel Commonwealth (“the Hotel”) in Boston, Massachusetts. Ohana Real Estate Investors acquired the 245-room hotel in November 2020.
“We are excited about partnering up with Ohana, a highly experienced hotel investor. 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. 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,” said Ryan Naumes, Managing Director with Barings.
Hotel Commonwealth is 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. Of the 245 oversized rooms, 75 are suites with views of Kenmore Square or Fenway Park. The Hotel features 12,500 square feet of meeting space across eight rooms.
JLL advised the sponsorship on the financing from Barings.
This transaction expands Barings’ $26.29+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of September 30, 2023