WASHINGTON, DC—Cassidy Turley has securedconstruction financing for a 168-key Hyatt Placehotel that will be developed at 2121 M St., NW.Philip Mudd and Bradley Geigerarranged a $37.4 million loan from UnitedBank on behalf of Renaissance Centro.
The company secured a permit for the building close to a yearago. The hotel will be an addition to the existing structure thathouses Washington Marriott Hotel at 1221 22nd St. NW, according tothe permit, which the Washington Business Journal reportedon earlier this year.
The nearby competition notwithstanding, the new hotel's locationin the West End generated a lot of interest among the lendercommunity, 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.
