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.

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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.

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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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This loan was closed by Grossberg, Yochelson, Fox & Beyda,the owner's counsel, with Troutman Sanders representing thelender.

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Hyatt Place recently opened in NoMa as well.

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