Construction financing obtained on behalf of The Simon Konover Company
BOSTON – October 28, 2014 – (RealEstateRama) — CBRE/New England’s Debt & Structured Finance team secured construction financing for the Fairfield Inn & Suites by Marriott, located at 867 Iyannough Road (Route 132) in Hyannis, Massachusetts, in the amount of $12 million from Cambridge Savings Bank.
CBRE/NE’s Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard arranged the financing on behalf of The Simon Konover Company. The loan will allow the sponsor to redevelop the current 99-room Days Inn in Hyannis into a 125-room Fairfield Inn & Suites by Marriott, with an expected opening in May 2015.
“We are happy to have assisted The Simon Konover Company on this transaction,” said CBRE/NE’s Juszczyszyn. “The redeveloped property is located at the important gateway to Hyannis, Cape Cod and the Islands of Martha’s Vineyard and Nantucket.
“The construction financing is a critical milestone as we move decisively toward a May 2015 opening of the newly renovated, expanded and vastly up-flagged hotel,” said James Wakim, President and Chief Operating Officer of The Simon Konover Company. “The transformation of this property is a focal point of our strategic hotel expansion plan. We are proud to have partnered with CBRE/NE and greatly appreciate the market knowledge and experience that the team brought to our deal.”
The current property consists of a two-story, interior corridor, 99-room Days Inn hotel located in the heart of the commercial and retail trade area that services the entire Cape Cod market. The Simon Konover Company purchased a leasehold interest in December 2012 and worked closely with the town of Hyannis to receive approval for the redevelopment of the existing Days Inn. The approved redevelopment plan will utilize the existing structure while adding a third story and guest elevator. A new walkway will connect the property directly to the Cape Cod Regional Mall and allow guests to easily access all the retail/restaurant amenities. The new interior will reflect Marriott Fairfield’s brand standards, while the exterior will be in keeping with the town’s Cape Cod architecture.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.