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ANNAPOLIS JUNCTION, MD-A deal has been struck to put $6 million in fixed-rate permanent financing in place for Towne Place Suites, a 95-unit hotel in the 175-acre mixed-use development known as National Business Parkway. GMAC Commercial Mortgage Corp. put up the funds for property owner Hospitality Development Co. LLC, which will utilize the money to refinance an existing construction-mini-perm loan. The deal–orchestrated by GMACCM’s Hospitality Industry Division–marks a reunion of sorts for the two entities, as GMACCM provided Hospitality Development Co. with the original loan.

Located on an approximately 3.5-acre parcel where the Baltimore-Washington Parkway and Rte. 32 meet, Towne Place Suites was developed four years ago. The 42,000-sf property features two three-story structures that contain, in addition to the rooms, a fitness center and laundry facility. According to Anne Arundel County records, the property has a 2004 assessed value of just more than $5 million.

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