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MMCC Arranges Financing for Virginia Hospitality Property
Marcus & Millichap Capital Corporation (MMCC) has arranged $5.6 million in financing for the acquisition of Dulles Suites Extended Stay, a boutique hotel located at 21123 Whitfield Place in Sterling, Virginia. The 94-key property is located 25 miles outside of Washington, D.C.
Jared Cassidy, senior director in MMCC’s Washington, D.C. office secured the loan with a regional bank, who not only provided a new senior loan, but allowed the borrower to assume an existing SBA 504 loan with an attractive rate below 3%. Terms of the 10-year conventional loan include a 6.5% interest rate with 25-years amortization.
“The client, a local and very successful business and real estate family, acquired the property with a thorough plan to refresh the entire hotel,” said Cassidy. “The property will now benefit significantly in its new ownership by using both a capital improvement plan and a complete overhaul of the property, which will be a nationally recognized hotel brand.”
