DC Moxy Hotel Receives $47M Loan
- Jan 16, 2019
Douglas Development Corp. has received a $47 million bridge loan to refinance the Moxy, a 200-key boutique hotel in Washington, D.C., which opened in November of 2018.
BHI held the company’s original $35 million loan with an additional $10.6 million loan held by a different investment firm. BHI took over the other one and provided a new loan.
Located at 1011 K St. NW in downtown D.C., the 14-story Moxy offers 69,330 square feet, with a little more than 4,000 square feet available for retail purposes.
Although Douglas Development Co.’s portfolio has more than 10 million leasable square feet of office and retail space, this was the company’s first hotel development.
“With the support of BHI we were able to enter the hospitality space,” Norman Jemal, Douglas Development Co.’s principal, said in a prepared statement. “BHI’s expertise and assistance in refinancing our existing credit facility is evidence of their trust and confidence in our new business. They are as committed to our success and growth as we are.”
“We’ve known Norman and the team at Douglas Development Corporation for years, and this was a welcome opportunity to partner with them again to support their impressive growth plans within the hospitality sector,” Steven Caligor, BHI Commercial Real Estate’s executive vice president, said in a prepared statement.
Downtown D.C. has been undergoing a rebirth of late, with many businesses opening up and companies coming to the area. The Moxy is close to historic landmarks, such as the White House, the National Portrait Gallery, Capital One Arena, plus the 9:30 Club and Echostage.
Appealing to Millennials
Moxy’s concept targets the millennial consumer by offering an immersive social experience for guests. The D.C. hotel offers funk-inspired furniture and a lobby boasting Plug and Meet gathering areas with ergonomic seating, large writing walls and flat-panel TVs.
Each of the rooms in the hotel has fast Wi-Fi and flat-panel TVs. The hotel’s bar features a full barista station and freshly baked French pastries, as well as local brews and wine.
In December, Lightstone closed $73 million in financing for the seven-story, 202-key Moxy South Beach, in Miami Beach, Fla., the first Moxy hotel in the state. Lightstone’s hotel development portfolio includes Moxy’s 612-room flagship property in Times Square, which opened last year, and will add the Moxy Chelsea in New York this February. Lightstone is also developing Moxy hotels in downtown Los Angeles and in New York’s East Village and Lower East Side.
Image courtesy of Moxy Hotels