RESTON, VA—The New York office of Los Angeles-based Mesa West Capital has provided a $27 million floating-rate refinance loan to JBG Cos. for Weston Reston Heights, a full-service hotel that the company developed in 2008.
The 191-room hotel, which fronts the Dulles Toll Road, anchors the first phase of JBG's 35-acre Reston Heights mixed-use development, along with a 194-unit residential tower and a 140,000-square foot office building.
The second phase, which is expected to deliver in 2017, will include approximately 400 new apartment units and 88,000 square feet of retail and restaurant space. The hotel is also positioned to take advantage of the expansion of the Silver Line and the Reston Heights development, says Mesa West Assistant Vice President Daniel Tanner, who originated the floating rate loan, in a prepared statement. "We believe the hotel is in a good position to capitalize on the growth that is occurring in the market."
The financing was arranged by Matthew Williams and Joe Donato of Newmark Grubb Knight Frank.
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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.
