Eagle Bank Provides 5-Year $32M Construction Hotel Loan
ARLINGTON, VA—Eagle Bank has provided $32 million in construction finance to a partnership between Schupp Cos. and LodgeWorks Partners for the development of 161-key Hyatt Place Arlington, a select-service hotel.
HFF secured the financing and also arranged mezzanine financing for the project through Endeavor Real Estate Group, Ltd.
The new Hyatt Place Arlington will be located at 2401 Wilson Blvd. at the intersection of Wilson Boulevard and North Adams Street. The hotel’s 93,000 square feet will also have 1,200 square feet of street-level retail space, a café and bar on the first floor and a two-level underground parking garage. The hotel, which broke ground in January 2015, will deliver this year. Click here or on the image to review progress through our on-site camera.
Parking Garage Excavation Begins
The Schupp Companies has commenced work on a new eight story 161-room Hyatt Place hotel in the Courthouse area of Arlington. Scheduled for completion in summer of 2016, project includes space for an independent restaurant and underground parking for 80 cars.
Ground Breaking Celebration . . .Friday, January 30th
We celebrated ground-breaking for the Hyatt Place Hotel with over a hundred guests and visitors. The $50 million project at the corner of Wilson and Adams will be primarily funded by EagleBank and constructed by Hitt Contracting.
Why Businesses Choose Schupp Companies:
- Deep knowledge of local real estate markets
- Long-term relationships with crucial resources
- Extensive financial and analytic expertise
- Proven track record of success
We focus on real estate development and investment and provide fully integrated asset and property management services to our clients.
Our careful, selective acquisition program has delivered consistently profitable and stable returns throughout our investment history. Our current portfolio includes significant land development projects as well as existing retail, flex, office, service, and multi-unit residential spaces.
This property, located just two blocks from the Courthouse Metro Station in Arlington, Virginia, is the site of one of the most exciting development projects Schupp Companies has undertaken to date — construction of Arlington’s first Hyatt Place hotel.