Both loans were secured by Cohen Financial for "a prominentMarriott developer located in the Southeast," says BenjaminGreazel, a director in Cohen Financial's office in Skokie, IL. Hewould not reveal further information on the developer. Each of theloans was 75% loan-to-value, Greazel says.

The Residence Inn by Marriott opened earlier this month withapproximately 130 rooms, he says. Countrywide Financial is thelender for the $14.5 million in permanent financing. The permanentfinancing is a non-recourse loan with a term of 10 years, Greazelsays. The transaction closed earlier this month. The interest forthe loan is less than 6% with only interest being paid for thefirst three years of the 10-year term, he says.

The Courtyard by Marriott will be constructed at the corner ofFlorida and New York avenues adjacent to the new 450,000-sf Bureauof Alcohol Tobacco and Firearms National Headquarters. The loan isfor the acquisition of the 31,107-sf infill property that the218-room hotel will be constructed on, Greazel says. The hotel isexpected to open in 2009.