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BETHESDA, MD-Refinancing to the tune of $175 million has been put in place for Three Bethesda Metro Center, the distinctive property consisting of a 365,000-sf office structure and the 390-room Hyatt Regency Bethesda hotel, above the Bethesda Metro Station. Property owner the Meridian Group has GMAC Commercial Mortgage Corp. to thank for the multi-million-dollar refinancing package.

Located a short six miles outside downtown Washington, DC on the 7100 block of Wisconsin Ave., the Bethesda Metro Center complex is a looming 16-story tower that boasts a garage to accommodate over 1,300 vehicles for both the office structure and the hotel. When it last hit the market in 1999, the complex commanded $118 million. Meridian is currently in the midst of executing a $10 million renovation that will convert the former office building food court and the hotel restaurant into space that the Soho Café & Market and the Daily Grill eateries will call home.

The long list of tenants in the office building includes HQ Global Workplaces, the National Electrical Contractors Association, non-profit pharmaceutical sciences organization PDA, and law firms such as Holland & Knight LLP, and Deckelbaum Ogens & Rafferty Chartered. The hotel is a four-star property that carries an assessed value of $43 million, and is physically attached to the office portion of the property. In addition to its luxury overnight accommodations, the hospitality locale also features 19 meeting rooms accounting for 18,800 sf of space and 2,200 sf of pre-function space.

The multi-faceted financial arrangement–which is just as unique as the property itself–is structured as first mortgage debt, mezzanine debt and equity. A handful of GMAC divisions participated, with GMAC Institutional Advisors covering equity, GMACCM Hospitality Division handling the hotel debt, and GMACCM Intermediate Finance Group supplying the office building debt. “This is the kind of deal which really showcases GMACCM’s ability to provide our clients with multiple solutions from a single source,” explains GMACCM Washington, DC vice president and branch manager Richard Bopp. “With our various business units working together, we were able to provide a complete financing package that met Meridian’s needs for this unique property.”

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