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Gantry Secures $14M Refinance for Puget Sound Hotel
Gantry has secured a $13.5 million permanent loan to refinance maturing debt and return several million in equity for the Hampton Inn & Suites located at 21109 66th Ave S in Kent, just south of Seattle, Washington.
The four-story, 95-room property encompasses 60,500 square feet at a location less than five miles from the Seattle-Tacoma International Airport, with nearby major employers including Amazon, Boeing, Flow International, and Sysco. The new loan retires maturing debt and returns investor equity following a successful comprehensive performance improvement plan.
Gantry’s Drit Shoemaker, Director, with Gantry’s Seattle production office, represented the borrower, a private real estate owner and manager. The five-year, synthetically fixed-rate loan was provided by a regional bank and features 25-year amortization. “For this Hampton Inn location, the success of a recently completed strategic performance improvement plan helped grow and improve metrics for debt service and valuation,” said Shoemaker.
