TACOMA, Wash.--(BUSINESS WIRE)--3650 REIT, a relationship lender providing tailored fixed-rate bridge and long-term financing solutions to commercial real estate investors, has facilitated a $78 million construction loan to Yareton Investment, LLC to complete the development of a 304-room, full-service Marriott hotel in Tacoma, Washington.
The 22-story hotel, now 30 percent 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.
“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,” said Jonathan Roth, Co-Founder and Managing Partner at 3650 REIT. “With its premium amenities, proximity to the light rail service, and direct connection to the Convention Center, the hotel should experience consistently high levels of demand.”
Yareton Investment General Manager Fei Xie stated, “The experienced team at 3650 REIT is familiar with the Tacoma market, recognizes the potential of our project and worked diligently to structure a financing solution that will enable the completion of what will be the area’s premier full-service hotel. We couldn’t be happier with our lender and look forward to establishing a long-term relationship with 3650 REIT.”
Situated in the heart of Tacoma’s tourism corridor, the hotel is well-positioned to benefit from strong demand drivers for business, leisure and group travel. The hotel is located in an area surrounded by world-class museums, impressive dining, shopping, day spas, art, golf, and other attractions, which helped drive record-setting visitation to Tacoma in 2017. Moreover, Tacoma is home to a range of large corporations representing diverse industries including Boeing, MultiCare Health System and TrueBlue.
Matt Fisher at JS Coats Capital LLC, a leading commercial real estate mortgage banker in the Northwest, was responsible for arranging the financing.
About 3650 REIT
3650 (“Thirty-Six Fifty”) REIT is a relationship lender providing tailored fixed-rate bridge and long-term financing solutions to commercial real estate (“CRE”) investors. 3650 REIT’s unique fully-integrated platform enables it to service the loans it provides throughout their lifecycles, to ensure a close alignment of interests with its borrowers. 3650 REIT’s co-Founders and Managing Partners, Toby Cobb, Justin Kennedy and Jonathan Roth, have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Chicago, Los Angeles and Newport Beach, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.
About Yareton Investment, LLC
Based in Seattle, Yareton Investment LLC is a subsidiary of Mintong Real Estate Co. Ltd. (MIG) in the United States. MIG is a full-service property development, management and consulting company, with subsidiaries also dedicated to construction and remodeling of real estate developments on the West Coast of the United States.