Barings, a global investment manager, has provided a $101.5 million bridge loan to refinance the existing construction loan on the Courtyard/Residence Inn By Marriott Washington Downtown Convention Center located in downtown DC. Situated at 901 L St NW, this select-service dual-branded Marriott Hotel was developed by Quadrangle Development Corporation and Capstone Development LLC and opened its doors in November 2018 with 504 rooms across 11 stories.
Lisa Katz, managing director with Barings commented: “Quadrangle is a leading full-service real estate developer and investor in the Washington DC area and we are delighted to be partnering with them on such an impressive asset that is already showing accelerated operational performance.”
