J.P. Morgan Refis Boston Seaport Hotel With $307M CMBS Loan
By Andrew Coen September 24, 2024 3:07 pm
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A joint venture involving omni hotels & resorts, Washington Capital and The Davis Companies has nabbed $307 million of commercial mortgage-backed securities (CMBS) debt to refinance a 1,054-key Boston hotel, a Bloomberg terminal report shows.
J.P. Morgan Chase originated the three-year, fixed-rate loan on the sponsorship’s Omni Boston at the Seaport property in a JPMCC 2024-OMNI single-asset, single-borrower CMBS deal that priced Tuesday. The transaction has a 51.4 percent loan-to-value ratio.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Timothy O’Donnell and Tyler Dumon.
Collateral for the loan will be secured by a first-priority lien in the borrowers’ leasehold interest in the hotel property, which debuted in September 2021. The hotel is across the street from the Boston Convention and Exhibition Center.
Officials at J.P. Morgan Chase, Omni Hotels & Resorts, Washington Capital, The Davis Companies and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
