Buccini/Pollin Group Completes Capitalization of $105 Million Washington Marriott Capitol Hill
The Buccini/Pollin Group has completed the $105.1 million project capitalization for the 13-story, 235-room Washington Marriott Capitol Hill / NoMa hotel in Washington D.C.
The property is located just north of Union Station and Capitol Hill on an urban infill site at First and L Streets, N.E. Union Station is the busiest rail station in the Washington Metro system, and the hub for Metro, Amtrak and Maryland and Virginia commuter lines. The Hotel is part of the mixed-use project NoMa CNTR in the NOMA neighborhood. Features of the hotel will include a glass-enclosed two-story lobby, large ballroom, outdoor terrace, chef-driven restaurant with indoor and outdoor dining, rooftop bar and event space, fitness facility and Marriott’s M club.
Sources of funding for the project capitalization included $6.25 million from CrowdStreet investors’ equity, a $17.25 million sponsor and partner equity, a $56.1 senior loan and a $25.5 mezzanine loan. 145 individual investors on CrowdStreet provided equity for the project.
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