ARLINGTON, VA. — NewPoint has provided a $34.6 million bridge loan for the acquisition and planned multifamily conversion of the Clarion Collection Arlington Court Suites, a 187-room, extended-stay hotel located in Arlington’s Rosslyn-Ballston corridor. Jacob Gabriel of NewPoint originated the financing on behalf of the borrower, Goodhomes Communities LLC. The bridge loan, which was used to finance the purchase of the hospitality property, includes future funding for capital improvements and is structured to support the borrower’s business plan to convert the asset into a multifamily community.
Upon completion of the conversion, the property will offer a mix of studio, one-, two- and three-bedroom apartments. Goodhomes Communities LLC will announce the property’s new name at a later date. Clarion Collection Hotel Arlington Court Suites first opened as an apartment building in 1963.