Songy Highroads and The Carlyle Group Land $26M Refi for Hyatt in Fairfax, Va.
By Christina sturdivant-Sani March 6, 2019 11:42 am
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H.I.G. Realty Partners has provided $26.2 million to refinance Hyatt Regency Fairfax in Northern Virginia, according to HFF, which negotiated the debt on behalf of the borrowers Songy Highroads and The Carlyle Group.
Proceeds from the three-year, floating-rate loan with two one-year extensions will retire existing debt, according to an HFF release. H.I.G. Realty Partners could not be reached for comment.
The 14-story, 316-room Hyatt Regency Fairfax is located at 12777 Fair Lakes Circle in Fairfax, Va., about 20 miles outside of Washington, D.C. It opened in 1989 and is part of the 650-acre Fair Lakes mixed-use community, which includes 1.3 million square feet of office space, two million square feet of retail and more than 2,000 residential units.
The hotel’s most recent renovation, $12.2 million worth of upgrades, took place in 2015 when Songy Highroads and The Carlyle Group purchased the property. The $12.2 million in upgrades included a 12,000 square feet of new indoor meeting space, and a renovated indoor pool, 24-hour fitness center, 24-hour business center and three eateries.
Chris Hew and Drake Greer of HFF represented the borrowers. “The Hyatt Regency Fairfax is a fantastic asset that will continue to thrive and benefit from positive momentum in the submarket,” Hew said, in a prepared statement.
