The real estate debt platform of Barings has provided a $101.5m (€93m) loan to refinance a hotel in Washington DC developed by Quadrangle Development Corporation and Capstone Development.
Barings said it has provided the bridge loan to refinance the existing construction loan on the Courtyard/Residence Inn By Marriott Washington Downtown Convention Center. The 11-storey 504-room hotel opened in November 2018.
Barings said the latest financing expands its $27.4bn-plus real estate debt platform, which invests in loans secured by institutional-quality commercial real estate in strategic locations in North America and Europe.
Lisa Katz, managing director at Barings, said: “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.”
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