Hotel John Marshall gets $40.6 million in financing for renovation
- May 18, 2010
Berkadia Commercial Mortgage originated $40.6 million in financing through its HUD/FHA program for the acquisition and reconstruction of the historic Hotel John Marshall. The property, which originally opened in 1929, is being converted into apartments and retail space.
It’s the first master lease, historic tax-credit transaction in Virginia to be financed through HUD and the first to be done through the Richmond HUD field office.
The 308,417-square-foot project, known as the Residences at The John Marshall, will be renovated into 238 apartments and 31,000 square feet of retail space. An additional 23,000 square feet, including the hotel’s old ballroom, will be restored and used for catering and events.
Berkadia is a private company based in Pennsylvania. Its Richmond office originated the loan. Principals of the borrowing entity are Dominion Realty Partners LLC and Virginia Atlantic Development LLC.