Image courtesy of Cambridge 7 Assoc.

Work on a high-end hotel planned for a 1.1-acre site halfway between Porter and Union Squares looks set to begin after the project landed construction financing.

JLL’s Capital Markets team worked on behalf of The Noannet Group to arrange the $53.8 million financing with a debt fund advised by UBS Asset Management Real Estate & Private Markets.

The Cambria Somerville-Cambridge will offer 163 rooms at 515 Somerville Ave., and is expected to open in the winter of 2020. Amenities will include a fitness room, 13,326 square feet of meeting space and 4,000 square feet of restaurant space run by a well-known local chef. Designed by Cambridge 7 Assoc. with interiors by Bill Rooney, the property is near the developing Union Square and Boynton Yards life science cluster and the Union Square station on the MBTA’s Green Line Extension.

JLL worked on behalf of The Noannet Group to arrange the financing with a debt fund advised by UBS Asset Management Real Estate & Private Markets. The JLL Capital Markets debt placement team representing the developer was led by Senior Managing Director Riaz Cassum and Managing Director Anthony Cutone. The deal began with HFF before its acquisition by JLL earlier this year.

“The new Cambria Somerville-Cambridge is well positioned to take full advantage of all the positive developments taking place in the neighborhood, including transportation infrastructure and commercial developments already underway,” Cassum said in a statement. “The lending community immediately recognized the potential for a new hotel to take advantage of the increasing demand for hotel rooms going forward.”