BWE, a national commercial and multifamily mortgage banking company, today announced the closing of a $33,400,000 loan to refinance Sonder Georgetown and LuxUrban Georgetown, two apartment buildings that have been converted into short-term stay hotels. The development is located in the Georgetown neighborhood of Washington, DC.
Mark Remington and Alec Jenkins, Senior Vice President and Vice President in BWE’s Washington, DC, office, originated the loan from a private credit fund on behalf of Varsity Investment Group.
“As traditional apartments that have been functionally converted into hotels, Sonder Georgetown and LuxUrban Georgetown occupy a unique place within the lending market. We worked closely with Varsity Investment Group to find a loan that could fit with the distinctive aspects of these properties and help them further their business goals,” said Remington. “BWE is committed to working with partners throughout the region to find the right capital solution for other developments like Sonder Georgetown and LuxUrban Georgetown.”
Located in the heart of Georgetown next to the Four Seasons, Varsity Investment Group purchased Georgetown Suites, which were originally built as a hotel, in 2021 to convert it into a luxury apartment complex. Varsity then worked with Sonder and LuxUrban, two major hospitality companies, to master-lease the two buildings so they could be operated as short-term rentals under the names Sonder Georgetown and LuxUrban Georgetown. The two buildings contain more than 200 units and guests at the residences have access to a range of amenities, including easy access to shopping and dining in the historic Georgetown neighborhood, fitness centers, lounges, and free WiFi.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
