Oaktree Capital Management and Clearview Hotel Capital have secured $229 million of commercial mortgage-backed securities (CMBS) debt to refinance the joint venture’s Washington Hilton property, Commercial Observer can first report.
Morgan Stanley (MS) originated the CMBS single-asset single-borrower (SASB) loan in a deal that closed Friday for the sponsorship’s 1,107-key, 12-story hotel in Washington D.C. ‘s Dupont Circle neighborhood.
CBRE (CBRE)’s Tom Traynor, Tom Rugg and Lawrence Britvan arranged the transaction.
The fresh financing for Washington Hilton comes four and a half years after Oaktree and Clearview obtained a $225 million floating-rate refi from Barclays in November 2019.
The sponsorship acquired the hotel at 1919 Connecticut Avenue in 2016 for roughly $315 million from a joint venture between Lowe Enterprise Investors and the Canyon Johnson Urban Fund, Globe Street reported at the time.
The hotel was built in 1965. In 2017, soon after purchasing the asset, the new owners added 10,00 square feet of meeting space and 37 additional guest rooms, CO previously reported.
The iconic hotel previously hosted large musical acts in the 1960s and 1970s, including The Doors and Jimi Hendrix. In a historical context, the property was also the site of a 1981 assassination attempt on President Ronald Reagan by John Hinckley Jr. as the president walked out of its T Street Northwest exit.
Officials at Morgan Stanley, Oaktree, Clearview and CBRE did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Finance, Refinance, Lawrence Britvan, Tom Rugg, Tom Traynor, Washington DC, CBRE, Clearview Hotel Capital, Hilton, Morgan Stanley, Oaktree Capital Management Commercial Observer Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture.
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