Knighthead Provides $37M Construction Loan for Cambridge Hotel Conversion
Greenwich, CT-based lender Knighthead Funding has provided a $37.7 million construction loan for the conversion of a four-story multifamily building into a 67-room boutique hotel in Cambridge.
Located at the corner of Columbia Street and Main Street in the Central Square neighborhood of Cambridge, the hotel will include ground-floor retail and a 10,000-square-foot fifth floor penthouse with a rooftop lounge. The new hotel is expected to open in the first quarter of 2020 and will be managed by Hay Creek Hotels, which operates 19 boutique hotels across the country.
Knighthead provided the 24-month financing to the borrower, a local partnership operating as Sean Casey LLC.
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