US-based insurance service company Barings has announced that the company has given a $101.5m bridge loan to refinance the Courtyard and Residence Inn By Marriott Washington DC Convention Center’s current construction loan.
The properties are situated across the street from the Walter E. Washington Convention Center in downtown DC.
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It is a select-service dual-branded Marriott Hotel created by US-based real estate development company Quadrangle Development and Capstone Development.
The 11-storey hotel had begun operation in November 2018 and features 504 guestrooms with several amenities.
Barings managing director Lisa Katz said: “Quadrangle is a leading full-service real estate developer and investor in the Washington, DC area and we are excited to be partnering with them on this high-quality asset that is already exhibiting accelerated operational performance.”
The financing will expand Barings’ $27.4bn-plus real estate debt platform, which uses the team’s extensive direct origination capabilities and deep credit experience to invest in loans secured by commercial real estate in key locations across North America and Europe.
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By GlobalDataThe interconnected hotels share a rooftop space which comprises a fitness facility, a rooftop patio and a tented event space with views of Washington’s popular attractions.
Of the 504 guestrooms on the property, the Courtyard houses 357 guest rooms while the Residence Inn has 147 suites.
