HFF Secures Refi for Hilton Hotel in DC Area
- Jan 06, 2017
Washington—HFF has announced that it has secured a $14.2 million refinancing for DoubleTree by Hilton Hotel Largo/Washington D.C., a 184-key full-service hotel in Largo, Md.
The six-story building features 2,700 square feet of meeting space, an indoor heated swimming pool, fitness center and business center. The recently renovated hotel is the only Hilton-branded hotel in the Largo, Landover and Hyattsville business corridor. Located at 9100 Basil Court, the property is situated in the northern part of Prince George’s County, which has more than 19.7 million square feet of office space.
HFF Director Jeff Bucaro, who joined the firm’s Chicago office in March, Real Estate Analyst Nicole Schmidt and Managing Director Mark Remington represented the borrower, Frontier Development & Hospitality Group, and secured the seven-year, 4.1-percent fixed-rate non-recourse loan through a financial institution. Loan proceeds were used to refinance the existing loan used for the acquisition, and revamp and rebrand the hotel from Radisson into DoubleTree. In addition, the financing enabled the release of excess land encumbered by the previous loan.
“This was the second financing assignment that Jeff has closed for us, and each time he was able to obtain terms that were superior to the market,” Frontier CEO Evens Charles said in a prepared statement.
Image courtesy of Hilton