CIM Group’s Real Estate Debt Solutions division, representing a CIM-managed fund, has successfully finalized a $31 million whole loan for an affiliate of CarrAmerica. The loan will be used to refinance the Hotel Indigo Old Town Alexandria in Virginia.
Located at 220 S. Union Street in Alexandria, the five-story hotel offers 120 rooms and is situated in a highly sought-after location near the Potomac River and popular King Street retail area.
Originally developed by CarrAmerica in 2017, Hotel Indigo Old Town Alexandria boasts LEED silver certification and features amenities such as a restaurant, lounge, fitness center, meeting space and parking garage. With over 11 million square feet of office buildings,residential properties,and hotels developed throughout Washington D.C. and Northern Virginia,Carr has established itself as an industry leader.
This latest loan for Hotel Indigo Old Town Alexandria further demonstrates CIM Group’s commitment to investing in the hospitality sector.This includes not only full-service hotels,but also extended stay properties which they began focusing on backin2023.
