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SILVER SPRING, MD-Acting on behalf of owner Hospitality Associates of Silver Spring LP, Milestone Hotel Partners received $22 million in the form of a first mortgage for the Hilton Hotel here. The 14-story hotel tower at 8727 Colesville Rd. had been known as Town Center Silver Spring Hotel until the owner converted it into a full-service Hilton following an upgrade of the property in 2001.

RockBridge Capital LLC, which provides commercial real estate capital via its RockBridge Real Estate Funds financing entity, provided the financing. Facilitation of the transaction was eased by the two companies’ history–Rockbridge financed Milestone’s $8.5-million acquisition of the 243-room property in 2000, as well as its $9-million renovation the following year. “Milestone’s focus on operations and opportunities that fit their platform continues to pay off,” RockBridge managing director James T. Merkel says.

The hotel features 18,000 sf of meeting space, two restaurants, a business center, exercise facility and swimming pool. According to Maryland real estate records, the 37-year-old property has a current assessed value of nearly $9.2 million. The parties involved in the transaction were unavailable to discuss the purpose of the refinancing by deadline.

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