New Canopy by Hilton hotel planned for Downtown Boston
JLL arranged a $75M construction loan for the developers
BOSTON, November 22, 2019 – JLL announced today that it has arranged $75 million in construction financing for the development of Canopy by Hilton Boston Downtown, a 212-room boutique hotel to be built across from the Rose Kennedy Greenway in Downtown Boston.
JLL worked on behalf of the developer, a partnership between Olshan Properties, CV Properties and Harbinger Development, to place the construction loan with Citizens Bank.
Canopy by Hilton offers a local experience with a boutique hotel feel. The six-story Canopy by Hilton Boston Downtown will feature a fitness center, 1600 square feet of meeting space, three street-level restaurant/retail spaces totaling 12,711 square feet, one of which will have access to an outdoor terrace that faces Hanover Street; and a second-floor hotel operated café/bar.
The property will be built on a 1.2-acre site bounded by Hanover Street to the north, Blackstone Street to the west, North Street to the south and the John Fitzgerald Surface Road and Rose Kennedy Greenway to the east. The hotel’s central, downtown location provides guests with access to a diverse set of demand drivers, including Faneuil Hall, the Financial District, Back Bay and more. Additionally, Boston’s famed Freedom Trail abuts the site and connects the property to international tourist attractions.
The JLL Capital Markets debt placement team representing the developer was led by Managing Director Anthony Cutone and Director Matt Enright.
“JLL is pleased to have arranged the construction loan with Citizens Bank on behalf of this great sponsorship team,” Cutone said. “The Canopy will be a wonderful addition to the Rose Kennedy Greenway and the surrounding neighborhoods, and we are thankful to have been included on the development team for this outstanding new project.”
According to JLL’s Hospitality Construction Outlook for the second half of 2019, new hotel projects are focusing on specialization to fit their particular location and target market. This can include much smaller room sizes, lobbies with integrated bars and restaurants and more outdoor space, all of which impact cost to build and type of materials needed for a project.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Olshan Properties is a privately owned real estate firm that has specialized in the development, acquisition and management of commercial, residential and hotel properties for more than 55 years. Visit olshanproperties.com for more information.
CV Properties, LLC is a Boston-based commercial real estate development and investment company that identifies, develops and manages commercial projects throughout New England. Each project is capitalized individually alongside world-class investors and lenders. Learn more at cvprop.com.
Harbinger Development is a privately financed real estate investment and development company based in Boston, Massachusetts, with investments also in Denver, Colorado. Since 2004, Harbinger has been active in the Boston market with direct involvement in over 1,865 hotel rooms in development, multi-family, retail and office projects. Visit harbingerdevelopment.com.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at citizensbank.com or visit them on Twitter, LinkedIn or Facebook.