Boutique DC Hotel Receives $18M Loan
- Jan 29, 2020
Sonnenblick-Eichner Co. has arranged a $17.8 million loan for The Normandy Hotel, a 75-key property in Washington, D.C. The non-recourse LIBOR-based loan has a five-year term and refinances an existing acquisition and renovation loan at a lower interest rate. Sonnenblick-Eichner also provided previous financing for the property.
The six-story building is located at 2118 Wyoming Ave. NW in the Kalorama district and is within walking distance of Dupont Circle. Capitol Hill and The Smithsonian Institute are 3 miles from the property. Ronald Reagan Washington National Airport is within 6 miles of the hotel.
The borrower completed a $800,000 refurbishment at the Normandy in September 2018. Upgrades included lobby, hallway and guestroom renovations, as well as new exterior paint, signage, lighting and landscaping. The boutique hotel also added new broadband connectivity.
Sonnenblick-Eichner has also been active on the West Coast. This month, the company secured mortgage financing for a new 160-key Residence Inn in Walnut Creek, Calif. ACORE Capital provided the borrower with a $40.5 million loan.