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Washington DC & Mid-Atlantic  + DC Metro  + Hospitality  |  September 23, 2024
Jasmine Kilman
By: Jasmine Kilman

CIM Group Closes $31M Loan to CarrAmerica for Alexandria Hotel

CIM Group’s Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $31 million whole loan to an affiliate of CarrAmerica to refinance the Hotel Indigo Old Town Alexandria in Virginia.

Hotel Indigo Old Town Alexandria is a five-story, 120-room hotel located at 220 S. Union Street in Alexandria. The property is in a highly desirable location on the Potomac River and adjacent to the popular King Street retail corridor.

Carr developed Hotel Indigo Old Town Alexandria in 2017. It holds LEED silver certification and offers a restaurant, lounge, fitness center, meeting space and parking garage. Carr has developed more than 11 million square feet of office, retail, residential and hotel properties in Washington, D.C. and Northern Virginia.

The loan for the Hotel Indigo Old Town Alexandria continues CIM Group’s focus on the hospitality industry which includes the full-service sector as well as an expanding capital commitment to the select and extended stay sector which it implemented in 2023.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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