February 27, 2019
Seattle-based Yareton Investment, LLC secured a $78 million construction loan to complete the development of a 304-room, full-service Marriott hotel in Tacoma, WA. The financing was facilitated by 3650 REIT.
The 22-story hotel, now 30% complete, will feature 9,000 square feet of event space, a 10,000-square-foot ballroom and will benefit from being directly connected to the Greater Tacoma Convention Center, one of the largest meeting locations in the Pacific Northwest. With this loan, Yareton Investment is able to advance the development of the hotel component of its broader mixed-use project that includes a residential tower to accommodate the needs of local residents and University of Washington Tacoma students.
3650 REIT’s Jonathan Roth says, “This deal presented a unique opportunity to partner with a high-quality sponsor, who is pursuing the development of a transformational project that will advance the revitalization of downtown Tacoma.”
JS Coats Capital LLC’s Matt Fisher arranged the financing.
For comments, questions or concerns, please contact Dennis Kaiser