Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Avatar Financial Group Provides Loan for Quality Inn & Suites in WA
Avatar Financial Group LLC, a national bridge lender specializing in commercial real estate, has provided a $4.26 million bridge loan secured by the Quality Inn & Suites Sequim at Olympic National Park, located at 134 River Road in Sequim, Washington.
The two-year, first-lien loan was originated at 63% loan-to-value. The sponsor’s existing CMBS lender required an expedited payoff, and Avatar’s financing retired that loan within the lender’s timetable. The sponsor, an Olympic Peninsula hotel owner with a long-standing relationship with Choice Hotels, intends to refinance into permanent financing once the yield-maintenance period and the planned property improvements are complete.
Built in 2006, the three-story hotel contains 60 guestrooms within approximately 29,787 square feet. The property occupies a 1.4-acre site and provides 61 surface parking spaces. Ownership invested approximately $100,000 in capital improvements over the preceding three years, including a roof replacement and pool renovations and has budgeted roughly $200,000 more for guestroom and public-area work, including updated soft goods, lobby finishes and guest corridors.
