Cain International

15th July 2019

Cain International and Madison Realty Capital announce financing for Raffles Boston Back Bay Hotel & Residences

(NEW YORK, NY) July 15, 2019 – Today, Cain International and Madison Realty Capital (MRC) announced financing to develop the Raffles Boston Back Bay Hotel & Residences at 40 Trinity Place in Boston’s Back Bay. Cain International, which will provide the majority of the equity to develop this marquee property, has entered into a joint venture with Trinity Stuart LLC, a partnership between two Boston entities: hoteliers Gary and Jeffrey Saunders of Saunders Hotel Group and developer Jordan Warshaw of The Noannet Group. Madison Reality Capital will provide $314 million in construction financing to the project which has a total capitalization of over $400 million.

“We are thrilled to be entering the Boston market with such a premier hospitality brand and fantastic partners who have been long time contributors to the development of this great city,” said Jonathan Goldstein, CEO of Cain International. “We look forward to bringing a best-in-class property to the Back Bay that seeks to not only meet but exceeds the expectations of today’s consumers.”

“This transaction offered MRC the opportunity to finance the construction of a marquee hospitality and residential asset with exceptional ownership and we are pleased to have delivered a solution tailored to the sponsor’s needs,” said Josh Zegen, co-founder and managing principal at MRC. “This also represents our first Boston deal and the fact that it’s a substantial loan for an irreplaceable, transformative property in the market is emblematic of our growing reputation as a national lender with the ability to underwrite large transactions and quickly deliver the necessary financing.”

The Raffles Boston Back Bay Hotel & Residences is the first announced Raffles branded hotel and residential property in the United States. Upon completion, the 33-story mixed-use project will consist of 147 hotel rooms and 146 residential units, as well as multiple amenities and dining options for guests and residences led by the renowned service offering of the Raffles brand.

This equity investment builds on Cain International’s luxury hospitality portfolio in gateway cities across the U.S. In a series of transactions last year, Cain International made an equity investment in the Waldorf Astoria Beverly Hills, The Beverly Hilton Hotel and the adjacent land at 9900 Wilshire Boulevard to be developed under a single master plan designed by Lord Norman Foster. The firm has provided financing to advance the development of Aman Hotel & Residences in New York City’s historic Crown Building. Cain International’s other U.S. investments include a portfolio in Miami including the development of the luxury residence towers Missoni Baia and Una and a new office development at 830 Brickell. Cain International has also backed The St. James, a sports, wellness and active lifestyle business, which opened its first flagship location outside of Washington D.C. and has announced its second location outside of Chicago. Notably in 2018 the group divested its stake in hotel group sbe Entertainment to Accor S.A., the parent company of Raffles.

The financing MRC is providing will retire the existing debt on the property. This transaction also comes on the heels of several substantial financing transactions Madison Realty Capital has closed, including a recent $225 million construction loan on The Residences at Mandarin Oriental luxury condominium tower in Boca Raton, Florida. In total, MRC has closed over $10 billion in nationwide transactions throughout the firm’s history.

Riaz Cassum and Anthony Cutone of JLL (formerly HFF) arranged for both the equity and debt financing from Cain International and Madison Realty Capital.

About Cain International

Cain International is a privately held real estate investment firm operating in Europe and the United States. Since 2014, the company has invested $4.8 billion in real estate debt and equity. Cain International also invests in lifestyle & leisure businesses that deliver experiences, services and amenities for modern consumers. The firm’s partnership-centric approach and entrepreneurial deal origination have resulted in a portfolio of investments, joint ventures and developments spanning office, residential, logistics, hospitality and mixed-use properties and businesses.

Cain International is a partnership between its CEO, Jonathan Goldstein, and Eldridge Industries. Cain International Advisers Limited, the firm’s asset management and investment advisory division, is an SEC-registered investment adviser. Further information is available at

About Madison Realty Capital (MRC)

Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in excess of $10 billion in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals. MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

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