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$50M Financing Arranged for Seattle Hotel
Sonnenblick-Eichner Company arranged $50 million of interim first mortgage financing to refinance Hotel Theodore, a 20-story, 153-room, full-service, luxury boutique hotel in downtown Seattle. Loan proceeds are being used to refinance the existing acquisition and renovation loan, as well as provide a return of equity to the borrower, Portland, OR-based Provenance Hotels.
The floating-rate loan was sized to a debt yield of less than 6%, and priced over LIBOR at a spread in the mid-300s.
In November of 2017, an extensive $32-million renovation was completed that included updating the guestrooms, bathrooms, meeting rooms, public spaces, and a build-out of the ground floor restaurant space. Amenities include Rider, an upscale restaurant and bar, a coffee shop, approximately 4,172 square feet of state-of-the-art meeting space and a fitness center.
The property is located at the corner of 7th Avenue and Pine Street, one block west of the Washington State Convention Center.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
