WASHINGTON, DC-Hotel financing has been one highlight in the local industry news this week: On Wednesday it was B.F. Saul and the $34 million loan it secured for its Courtyard by Marriott in Tysons Corner, VA. Today it is City Market at O and a $43 million loan it has landed for a new hotel tower.
According to CityBizList, CityMarket LLC, an affiliate of the federally designated DC Regional Center, will provide $43 million in debt financing to City Market at O, the one million square foot urban mixed-use development at the corner of Ninth and O streets NW.
The five-year project loan is collateralized by a first deed of trust on a nine-story, 182-room Cambria Suites hotel, which will be located on the corner of Ninth and O streets NW in Washington, DC. The hotel is a joint venture between Roadside Development, Choice Hotels International and Concord Hospitality.
CityMarket at O, which is located in the historic Shaw neighborhood, is one of 14 infrastructure projects around the country selected by the Obama administration to be expedited through the permitting and environmental review process. It will consist of 635 residential units, 84 of which are set aside for seniors which will also be affordable, 401 market-rate apartments, and 150 high-end condominiums. The project will also include the restoration of the historic 1881 O Street Market Building to house a flagship 72,000-square-foot Giant Food supermarket.
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