124
NEWTON, MASS. — Chesapeake Lodging Trust (NYSE: CHSP) has closed on a $60 million, fixed-rate mortgage loan, which is secured by the 430-room Boston Marriott Newton. The seven-year loan was provided by PNC Bank N.A. and carries a 3.6 fixed-interest rate per year, with principal and interest payments based on a 25-year amortization schedule. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes. The hotel is located at 2345 Commonwealth Ave. in Newton, a western suburb of Boston.