Barings, one of the world’s largest diversified real estate investment managers, announced that it had provided a $115 million loan to refinance the Renaissance Boston Seaport Hotel in Boston. A joint venture between affiliates of Rockpoint, Highgate, and hotelAVE (its asset manager) owned the hotel since 2015.
The Renaissance Boston Seaport Hotel is based at 606 Congress Street in the heart of the Seaport District overlooking Boston Harbor. The Hotel was built in 2008 and will complete a comprehensive renovation in 2025. The 471-room Hotel features nearly 21,000 square feet of flexible meeting space, a 10,700 square foot ballroom, a club lounge with harbor views, a recently renovated fitness center, an indoor swimming pool, and several food and beverage outlets.
This deal expands Barings’ 23.4+ 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.
Eastdil Secured advised the sponsorship on the financing from Barings.
KEY QUOTE:
“We are pleased to provide this financing for Rockpoint, Highgate, and hotelAVE. Fundamentals in the Boston hotel market continue to improve with limited new supply entering the market in the near term. The Renaissance is well positioned to benefit from its strategic location, surrounded by diverse demand drivers, including a concentration of Boston’s top employers, the Boston Convention and Exhibition Center, and numerous destination retail and entertainment outlets.”
– Jonathan Neff, Managing Director with Barings
