MMCC, a leading commercial real estate financing firm, has successfully secured $5.6 million in funding for the purchase of Dulles Suites Extended Stay hotel in Sterling, Virginia. Located at 21123 Whitfield Place and just 25 miles outside of Washington D.C., this boutique hotel boasts 94 rooms.
Jared Cassidy, senior director at MMCC’s Washington D.C. office, was able to secure the loan through a regional bank that not only provided a new senior loan but also allowed the borrower to assume an existing SBA 504 loan with an attractive interest rate below 3%. The terms of the conventional loan include a competitive interest rate of 6.5% and a long-term amortization period of twenty-five years.
According to Cassidy: “Our client is a highly successful local business and real estate family who had clear plans for revitalizing this property.” He added that under their ownership, Dulles Suites will undergo extensive renovations and rebranding efforts which will elevate it as one of the top hotels in its class nationwide.
This recent transaction by MMCC highlights their expertise in arranging financing solutions for hospitality properties across various markets. Their commitment to providing tailored financial services has made them one of most trusted names in commercial real estate lending industry.
