According to the press release, MGM secured a $525 million facility to aid with the development of this project. The loan is "comprised of a $425 million term loan A and $100 million revolving facility. The revolving and term loan A facilities will initially bear interest at a LIBOR rate plus an additional rate ranging from 2.00% to 2.25% per annum (determined based on a consolidated total leverage ratio). The term loan A and revolving facilities are scheduled to mature in January 2021."
Description
The development at the National Harbor will involve a 3,000-seat arena; a 308-room luxury hotel;12 restaurants; a 26,582-square-foot spa and salon; roughly 20,000 square feet of high-end retail; approximately 28,000 square feet of conference space; and 3,300 video lottery terminals and 160 table games. The first phase of the project is slated to open in December of 2016. Nightly room rates for the hotel will start at $299 and suite rates begin at $399, and floor plans for the hotel will range from 400 to 3,210 square feet.
Project Details
Type
Sports or Entertainment Venue
Status
Completed
Address
7100 Oxon Hill Rd
City
Oxon Hill
State
MD
Zipcode
20745
Construction
New Development
Expected Completion Date
December 2016
Source(s):
www.bizjournals.com, prnewswire.com
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Number of units for rent
0
Number of units for sale
0
Number of affordable housing units
0
LEED Designation
Not Available
Project Cost
1400000000
Parking Spaces
4,800
Zoning
Hotel Rooms
308
Retail Space
20000
Office Space
0
Square Footage
0
Lowest Housing Sales Price
0
Highest Housing Sales Price
0
Lowest Rent Price
0
Highest Rent Price
0
Neighborhood:
National Harbor
Housing Rental Price Range:
Housing Sales Price Range:
# of Residential Units in Progress:
Hotels Rooms in Progress:
Office Space in Progress:
Retail Space in Progress:
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