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Follow on Google News | Mesa West Capital Funds $55 Million Loan to Refinance Arlington, VA HotelBy: Mesa West Capital The JBG Companies, a leading private real estate investment and development firm in the Washington, DC area, acquired the AAA Three Diamond hotel adjacent to the Ronald Reagan National Airport in 2012. JBG, which has 12 full-service hotels in the metropolitan statistical area, completed a comprehensive renovation of the property in September 2013. Improvements included extensive upgrades to the 393 guest rooms, lobby, and meeting space as well as adding a new executive lounge and six new studio suites. Following the renovation, both occupancy and Average Daily Rate have improved at the property, according to Mesa West Capital Assistant Vice President Daniel Tanner who originated the financing. “JBG and manager Crescent Hotels and Resorts have taken the necessary steps to capture an increasing share of an improving hospitality market in the greater DC metro,” said Tanner. “Our loan will give them the runway to continue to capitalize on the work they’ve started and continue to do there.” Hotel occupancy in Washington DC/Maryland/ The non-recourse, floating-rate interest only loan included an initial term of three years with extension options. This is Mesa West’s second financing on a JBG-owned hotel and its fourth in the DC metro this year. In March, the Los Angeles-based balance sheet lender provided JBG with $27 million in first mortgage debt to refinance the 191-room Westin Reston Heights in Reston, VA. Last week Mesa West funded two first mortgage loans totaling nearly $80 million to finance the acquisition of an office portfolio in Reston, VA. All four loans were originated out of Mesa West’s New York City Office. The financing was arranged by Nicholas Seidenberg and Michael Zelin of Eastdil Secured. About Mesa West Capital, LLC Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $3 billion in assets under management. With offices in Los Angeles and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Our lending portfolio includes all major property types with loan sizes ranging from $10 million up to $200 million. Since inception, the firm has sourced and closed more than 200 transactions totaling in excess of $6 billion. About The JBG Companies: Headquartered in Chevy Chase, Md., The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, DC area. Since 1960, JBG has been active in the areas where it invests, striving to positively impact local communities. For more information, please visit www.JBG.com or find us on Twitter @TheJBGCompanies (https://twitter.com/ End
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