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Fortress Provides $57.6M Acquisition Loan For Bethesda Hotel

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FINANCED
$57,600,000
Jason Kennedy
Daniel (Dan) Morin
+ 8

Maryland

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Hotel
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FINANCED

Fortress Provides $57.6M Acquisition Loan For Bethesda Hotel

8120 Wisconsin Avenue, Bethesda, Maryland 20814, United States

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Hotel
Financed
Jason Kennedy
Daniel (Dan) Morin
+ 8
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Summary

MARYLAND
Asset Type:Hotel
Transaction Type:Loan

The property involved in this transaction is a hotel located at 8120 Wisconsin Avenue in Bethesda, Maryland. The hotel has a total of 270 keys and is owned by Building and Land Technology and Green Hollow Capital Partners.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $57,600,000
  • Address: 8120 Wisconsin Avenue, Bethesda, MD
  • Market: Bethesda, MD
  • Lender: Fortress
  • Seller: Angelo Gordon & The Bernstein Companies
  • Loan Type: Acquisition Loan

The loan for this transaction was provided by Fortress. The seller of the hotel property was Angelo Gordon & The Bernstein Companies. The acquisition loan amount was $57,600,000.

The brokers involved in the sale were Adam Etra, Lawrence Wolfe, Mark Schoenholtz, and Miles Spencer from Newmark. The brokers representing the lenders and landlords were Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Dan Morin, and Jason Kennedy from Newmark.

Players

Dustin Stolly
260 deals$48.2B volume
BROKER

Nick Scribani
Newmark
190 deals$55B volume(212) 372-2113
BROKER

Mark Schoenholtz
Newmark
4 deals$324.1M volume
BROKER

Christopher (Chris) Kramer
Newmark
110 deals$21.6B volume(212) 850-5472
BROKER

Miles Spencer
Newmark
3 deals$108.6M volume
BROKER

Adam Etra
Newmark
10 deals$1.2B volume
BROKER

Daniel (Dan) Morin
Newmark
11 deals$1.2B volume
BROKER

Jason Kennedy
Newmark
1 deal$57.6M volume
BROKER

Lawrence Wolfe
Newmark
1 deal$57.6M volume
BROKER

Jordan (Jordy) Roeschlaub
Newmark
319 deals$96B volume
BROKER


23 deals$1.8B volume
SELLER

23 deals$1.8B volume
SELLER

23 deals$1.8B volume
SELLER

23 deals$1.8B volume
SELLER

23 deals$1.8B volume
SELLER

23 deals$1.8B volume
SELLER

Fortress Investment Group
LENDER

Details

FINANCED
IMAGE: Chris Kramer, Jordan Roeschlaub, Dustin Stolly, Dan Morin & Nick Scribani DATE: 02/28/2022 ADDRESS: 8120 Wisconsin Avenue MARKET: Bethesda, Md ASSET TYPE: Hotel ~ KEYS: 270 LENDER: Fortress LANDLORD: Building and Land Technology & Green Hollow Capital Partners BROKERS: Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Dan Morin & Jason Kennedy - Newmark SELLER: Angelo Gordon & The Bernstein Companies SALE BROKERS: Adam Etra, Lawrence Wolfe, Mark Schoenholtz & Miles Spencer - Newmark LOAN AMOUNT: $57,600,000 LOAN TYPE: Acquisition Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$57,600,000.00

Monthly NOI$384,000.00
Monthly Debt Service$364,071.18
Change in Cash Flow$0.00
Refinance Proceeds$0.00