New York-based Square Mile Capital Management LLC said it has originated a $12 million loan, together with a $40 million mortgage loan from Wells Fargo, in connection with the acquisition of the Hotel Commonwealth in Boston.

The hotel was acquired from Boston University by a joint venture between Fundamental Advisors and Sage Hospitality. An affiliate of Sage Hospitality will manage the 149-room hotel, which is located in Kenmore Square. The hotel also has12,000 square feet of retail space, 5,800 square feet of meeting space, two restaurants and a bar.