$50M Conference Center Financing Is In Place

LANSDOWNE, VA-A financing package of $50 million has closed for the 1.2-million-sf National Conference Center. GMAC Commercial Mortgage Corp.–operating through the GMACCM Hospitality Industry Division–provided the funds to WXIII/Oxford DTC Real Estate LLC, a joint venture involving the Whitehall Funds and Oxford Real Estate.

Whitehall acquired the property, formerly known as Xerox Document University, from Xerox in June 2000 and immediately began a $29-million renovation that concluded in 2002. The property was then renamed National Conference Center. A GMACCM spokesperson tells GlobeSt.com that the borrower sought the financing, which came in the form of an interim floating-rate loan, to facilitate the completion of the property upgrade.