$140 million permanent financing secured for Aloft and Element Hotels in Seaport District
The 330-room Aloft Hotel and 180-room Element Hotel in the Seaport District, which opened in Winter 2016 and are located across from the Boston Convention and Exhibition Center (BCEC) in Boston’s Seaport District, have received a total of $140 million in permanent financing. The loan was secured for the borrower, a partnership of Ares Management and CV Properties LLC, by HFF through Starwood Property Trust. The hotels cost a total of $158 million to develop; HFF also arranged the hotels’ $97 million construction loan through RBS Citizens and Santander Bank N.A.
The Aloft and Element Hotels are located in the heart of Boston’s rapidly developing Seaport District, making them attractive towards business and leisure travelers, and are also home to local entertainment options such as The Social Register and W XYZ Bar. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said HFF Managing Director Anthony Cutone in a prepared statement. Each hotel features amenities including a pool, a fitness center and function/meeting space.
The Element Hotel opened for business on January 14th! The aLoft will follow shortly, opening on February 4th. We stopped by the completed buildings, both of which have distinctive finishes that bring a creative presence to developing D Street, located at the heart of Boston's innovative Seaport District, and invite passersby to stop and take a look. Ground-floor retail spaces at the aLoft and Element Hotels are now leasing, a great opportunity for retailers to become a part of one of Boston's hottest real estate markets. View our new photographs of the completed aLoft and Element Hotels, posted above.
We recently stopped by the aLoft and Element hotels under construction in Boston's Seaport District. The buildings appear to be nearing completion. Check out our construction site photography and learn more about the hotels here on BLDUP.com.
is made available under the Open Database License: http://opendatacommons.org/licenses/odbl/1.0/. Any rights in individual contents of the database are licensed under the Database Contents License: http://opendatacommons.org/licenses/dbcl/1.0/
Please confirm your credit card information to continue using BLDUP. Once it is updated you can continue to use BLDUP without interruptions. You will not be charged unless your account is overdue. Thank you.