Tacoma Marriott Lands $78M in Construction Financing
- Feb 27, 2019
Yareton Investment LLC has landed a $78 million construction loan to complete the development of a full-service Marriott hotel in Tacoma, Wash. 3650 REIT facilitated the financing and Matt Fisher of JS Coats Capital LLC arranged the loan.
The hotel will feature 304 keys across 22 stories, directly connected to the Greater Tacoma Convention Center. Amenities will include 9,000 square feet of event space and a 10,000-square-foot ballroom. The hotel is part of a larger mixed-use project being developed by Yareton, that will also include a residential building serving the local population and students attending the University of Washington Tacoma.
The property is within close proximity to museums, shopping, art, dining, spas and golf, as well as other attractions. Tacoma is currently home to major companies including Boeing, TrueBlue and MultiCare Health System.
“The flexibility of our capital allowed us to step in mid-construction and wrap our hands around a complex project, providing the borrower with a comprehensive path to completion. Due to the hotel being the subject of a development agreement with the City of Tacoma, part of our due diligence was understanding the city’s support and commitment to the project’s success, as well as its immense importance to the Tacoma market. As a lender, this attentiveness is wildly important to us,” Jonathan Roth, co-founder & managing partner at 3650 REIT, told Commercial Property Executive.
Last November, 3650 REIT facilitated a $115 million loan for BPM Real Estate Group, to build a 326-key, four-star Radisson Blu hotel in Anaheim, Calif.
Rendering courtesy of 3650 REIT