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Ashford Trust Completes $86M Refinancing for Marriott Gateway Crystal City
Ashford Hospitality Trust, Inc., has refinanced its mortgage loan for the 701-room Marriott Gateway Crystal City in Arlington, VA, which had a final maturity date in November 2021. The financing addressed the company’s only debt maturity in 2021.
The new, non-recourse loan totals $86 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of LIBOR + 4.65% with a 0.10% LIBOR floor. The initial funding for the loan will be $84 million, with the additional $2 million available to fund debt service for the first 30 months of the loan, if needed.
The Robert Douglas firm assisted Ashford Trust with the transaction.
- ◦Financing
