Twain Financial Partners has provided $59.2 million to bring new life to a century-old hotel building in Alexandria, VA’s Old Town neighborhood.

Hotel Heron, a 90,000-square-foot urban adaptive-reuse development, is set to begin construction now that financing has closed on the $76.5 million project. Of that total, Twain’s $59.2 million is being made available through a mixture of sale leaseback financing and both federal and state historic tax credit equity.

“Between the leaseback and the tax credits, we are able to provide the development team with the funding they need to get this hotel from concept to completion,” said Kelly Iffrig with Twain. The development team includes May Riegler Properties and Potomac Investment Properties.

The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The facility will contain 134 rooms and 30,000 square feet of amenity, meeting space, restaurant space and ground-floor retail.