JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston
BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021.
Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, including a 25,000-square-foot ballroom.
Other amenities will include more than 47,000 square feet of retail space, a pool, event venue and a fitness center.
JLL arranged the financing on behalf of New Boston Hospitality — an affiliate of Boston-based investment and development firm The Davis Cos. — and its development partner, Omni Hotels & Resorts. A syndicate led by U.S. Bank, Santander and M&T Bank originated the loan.
Kevin Davis, Bob Webster and Jon Schneider of JLL led the debt placement effort.
“Lodging supply growth in the Seaport District has been minimal,” said Schneider. “The addition of Omni Boston Hotel at the Seaport will really meet that demand and solidify Boston as a premier convention destination, both nationally and internationally.”
“This transformational project will play a key role in the continuing growth of the Seaport as a world-class convention and business destination,” added Jonathan Davis, founder and CEO of The Davis Cos. “It has also helped redefine how innovative approaches to public-private projects like this one can advance the cause of diversity and inclusion in real estate development.”
The loan closing is the culmination of a process commenced by Massachusetts Port Authority (Massport) in 2014 to select a developer for the site, which is owned by Massport and leased to the developers on a long-term basis.
— Taylor Williams