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Capital One Closes $80MM Loan for University of Maryland Hotel

September 02, 2015, 07:07 AM
Filed Under: Real Estate

Capital One announced it served as sole lead arranger, sole bookrunner, and administrative agent for an $80 million syndicated loan to finance the construction of a 297-room, four-star hotel at the entrance to the University of Maryland in College Park. Sadhvi Subramanian, Senior Vice President and Market Manager and Brian Gormley, Senior Vice President in Capital One Commercial Real Estate’s Washington, D.C. office, originated the transaction.
The borrower, Southern Management Corporation is the largest privately owned residential property management company in the Mid-Atlantic region. “Southern Management and its founder and CEO, David Hillman, have an outstanding record of developing exceptional properties,” said Subramanian.  “We were gratified when Mr. Hillman approached us to provide financing for the hotel.”
Currently, there is no lodging of comparable quality in College Park. The 10-story, 365,681 square-foot hotel will include 43,832 square-feet of meeting space, an indoor/outdoor pool, a fitness center, concierge service, and executive-level amenities.  The property will also include a nine-story parking garage above 43,212 square-feet of ground-floor retail space, much of it devoted to dining. The hotel is scheduled to open in 2017.  

"Capital One’s commitment to learning the details of our business ensured that the transaction met our needs and proceeded smoothly to closing,” Hillman said.  The three-year interest-only loan has the possibility of two one-year extensions.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending.

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