WASHINGTON, DC—Cassidy Turley has secured construction financing for a 168-key Hyatt Place hotel that will be developed at 2121 M St., NW. Philip Mudd and Bradley Geiger arranged a $37.4 million loan from United Bank on behalf of Renaissance Centro.
The company secured a permit for the building close to a year ago. The hotel will be an addition to the existing structure that houses Washington Marriott Hotel at 1221 22nd St. NW, according to the permit, which the Washington Business Journal reported on earlier this year.
The nearby competition notwithstanding, the new hotel's location in the West End generated a lot of interest among the lender community, according to Mudd.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.