$63,750,000 First Mortgage Loan
Ramsfield originated a $63.75 million first mortgage loan to refinance the 407-room Bethesda Marriott just outside Washington, D.C. in Bethesda, Maryland. The Marriott is well located in Montgomery County, home to a multitude of government, corporate, and leisure demand generators. The Marriott recently underwent a comprehensive $19.40 million renovation, completely upgrading the institutional-quality asset and enhancing its competitive position. The loan enables the Marriott to continue ramping operations following its renovation and maximize profit potential.
Ramsfield’s unique hotel experience and market knowledge allowed us to quickly analyze and underwrite the opportunity. Recognizing the asset’s strengths and borrower’s credit, RHF moved to complete due diligence and close the loan in less than five weeks following execution of a term sheet. A complete understanding and appreciation of the borrower’s business plan allowed Ramsfield to structure a loan that enables the borrower to reach their well-conceived goals.
The Bethesda Marriott features redesigned guestrooms, 19,400 square feet of meeting and event space, a state-of-the-art fitness center, and Cooper’s Mill Restaurant & Bar. The Marriott’s convenient location provides easy access to nearby government agencies National Institutes of Health and Walter Reed National Military Medical Center, as well as the global headquarters of Lockheed Martin, Marriott International, and Discovery Communications. Downtown D.C. and its plethora of attractions is a short ride away via Metro’s Red Line. Learn more about this property here.