| June 27, 2002 - Pinnacle Realty Investments Mortgage Capital Group
arranged a $15.2 million construction / mini-permanent mortgage, for the
development of a new Kimpton Hotel in downtown Boston. The loan represents
approximately 70 percent of the overall development costs. Matthew
Kenney, Managing Director of Pinnacle Realty Investments, handled the transaction.
The 112-room hotel will be located on Portland Street in the Bullfinch Triangle neighborhood of Boston. The site is less than a block away from the Fleet Center and a short walk from Faneuil Hall and the Massachusetts General Hospital Campus. Construction began on Thursday June 6 with a formal ground breaking attended by Mayor Menino. Kenney noted that this is a testament to the fact that financing for the development of new hotels is available for the right projects with strong sponsorship. Furthermore, he commented, �we are pleased that we were able to leverage our relationship with a well-respected lender from the Midwest that allowed us to accomplish this task for our client in less than 90 days.�
Pinnacle Advisory Group, the parent company, provides professional advisory services to the hospitality industry for projects throughout the United States. Services include consulting, valuation, asset management, litigation support, and hospitality asset restructuring. For More information contact Rachel Roginsky at (617) 722-9916. |
