Geolo Capital JV Scores $80M for Seattle Mid-Rise
- Aug 07, 2017
A joint venture between Geolo Capital and former Touchstone principals Douglas Howe and Shawn Parry has secured $80 million to refinance the recently developed Thompson Hotel and Sequel Apartments in downtown Seattle, Wash.
PCCP LLC provided the $80 million senior loan for the 12-story, mixed-use project that comprises the 155-key Thompson Hotel and 93 apartment units.
“PCCP’s loan retired the original construction loan on the asset,” Dorian Farhang, PCCP’s vice president, said in a prepared release. “The Sequel Apartments and Thompson Seattle Hotel are well-positioned as core apartments and a luxury-boutique hotel in a strong hospitality market. With an exceptional downtown Seattle location, the property will serve the needs of discerning users from both hospitality and residential perspectives.”
Located at 110 Stewart St., the Thompson Seattle Hotel was designed by internationally renowned architecture firm, Olson Kundig, and features floor-to-ceiling glass exteriors, modern finishes and a popular rooftop bar with unobstructed views of Puget Sound.
The Sequel Apartments are located at 1900 1st Ave., and feature industrial-chic finishes, an array of resident services, and a rooftop deck.
Since beginning in 1998, PCCP has successfully raised, invested and managed more than $14 billion of institutional capital through a series of investment vehicles.
Image courtesy of Thompson Hotels