Natixis Lends $39 Million for Hyatt Place in NoMa
Natixis provided a $39,000,000 floating-rate, first mortgage financing to Excel Group for the acquisition of the 200- room Hyatt Place located in the NoMa neighborhood of Washington, DC.
Hyatt Place NoMa is a 14-story hotel constructed in 2014. The property was designed by Cooper Carry Architects and received a LEED Silver certification. The hotel has a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center, and business center.
The hotel is centrally located in the NoMa neighborhood of Washington, DC, only two blocks from the NoMa-Gallaudet Metro Station serviced by the Red Line. The NoMa neighborhood has witnessed a massive transformation over the past ten years and is primed for sustained growth, as the area is expected to see the addition of 8.3 million square feet of office space, 4,235 residential units, and nearly 200,000 square feet of retail space by 2019.
The hotel has convenient access to many of the demand drivers in NoMa and downtown DC, including government agencies such as the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Department of Justice; the Equal Employment Opportunity Commission; and the Securities and Exchange Commission, as well as private corporations and organizations.
Excel Group is a privately held real estate acquisition and asset management company headquartered in the Washington, DC area. Excel’s current portfolio consists of 18 hospitality assets totaling 2,200+ rooms located throughout the eastern United States.