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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
