Metro DC Hotel Receives $26M Refi
- Mar 06, 2019
H.I.G. Realty Partners has provided a $26.2 million refinancing for the 316-key Hyatt Regency in Fairfax, Va. HFF has arranged the three-year, floating-rate loan, which includes two one-year extensions, on behalf of the borrower, a partnership between The Carlyle Group and Songy Highroads.
Located at 12777 Fair Lakes Circle, the hotel is part of the 650-acre Fair Lakes mixed-use master-planned community, which includes 2 million square feet of retail space, 1.3 million square feet of office space and more than 2,000 residential units. The property offers easy access to Interstate 66, Fairfax County Parkway and is 23 miles from downtown Washington, D.C. The hotel features 12,000 square feet of meeting space, an indoor pool, a fitness center, a business center and three food and beverage venues.
Opened in 1988 under the Hyatt flag, the 14-story building underwent several renovations, with the most recent being at the beginning of 2015, when the current owners purchased the asset.
HFF Senior Director Chris Hew and Director Drake Greer worked on behalf of the borrower. Hew was also part of the team that recently secured acquisition financing for Embassy Suites by Hilton Baltimore at BWI Airport, a 251-key asset in Linthicum Heights, Md.
Image courtesy of HFF