CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world’s leading investment managers, announced today that it 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 (“the Hotel”).
Located in downtown DC across the street from the Walter E. Washington Convention Center, the Hotel is a select-service dual branded Marriott Hotel developed by Quadrangle Development Corporation and Capstone Development, LLC. The 11-story hotel opened in November 2018 and contains 504 rooms outfitted with modern amenities.
“Quadrangle is a leading full-service real estate developer and investor in the Washington, DC area, and we are excited to be partnering with them on this high-quality asset that is already exhibiting accelerated operational performance,” said Lisa Katz, Managing Director with Barings.
This financing expands Barings’ $27.4+ billion real estate debt platform (as of December 31, 2022), which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate in strategic locations in North America and Europe.
Barings is a $362+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of March 31, 2023