CHICAGO—Holliday Fenoglio Fowler, L.P. (HFF) has secured a $14.14-million refinancing for DoubleTree by Hilton Hotel Largo/Washington D.C., a 184-room, full-service hotel in Largo, MD.
HFF worked on behalf of the borrower, Frontier Development & Hospitality Group, to secure the seven-year, 4.1%, fixed-rate, non-recourse loan through a financial institution. Loan proceeds were used to refinance an existing construction loan used to acquire, renovate and rebrand the hotel from a Radisson into a DoubleTree. The financing also enabled the release of excess land that had been encumbered by the previous loan.
The six-story hotel features 2,700 sq. ft. of meeting space; an indoor, heated swimming pool; fitness center; business center; market pantry and two F&B options, XC Bar & Bistro and the SC Lounge.
The HFF debt placement team representing the borrower was led by Jeff Bucaro, director, and Nicole Schmidt, real estate analyst, with assistance from Mark Remington, managing director.
“This was the second financing assignment that Jeff has closed for us, and each time, he was able to obtain terms that were superior to the market,” said Frontier CEO Evens Charles.