Marcus & Millichap Capital Corp., a provider of commercial real estate financing and capital markets expertise, arranged a $19 million construction loan to build a six-story, 155-room Hilton Garden Inn in Lynnwood, Wash.
The property will include an indoor pool, an outdoor pool deck, an outdoor terrace, a fitness center, meeting space and a restaurant and lounge. Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.
“Construction loans for hospitality projects of this size are generally more challenging to obtain today than they were in the past, primarily due to high volatility commercial real estate guidelines,” Bhat said in a statement. “However, in this case, there is an experienced hotel developer/operator with a strong track record who knows the market well. In addition, this asset will have an incredible location adjacent to the Lynnwood Convention Center. It will be the closest of any hotel and will feature a walkway to the convention center. Over the past 10 years, this center has hosted more than 4,000 events and 750,000 guests. We anticipate construction will take approximately 18 months,” Bhat concludes.
Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada. Through its network of national, regional and local lenders, MMCC provides capital markets products for a wide variety of investment properties, including apartments, shopping centers, office buildings, industrial facilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities. In 2015, MMCC closed more than 1,600 commercial real estate financing transactions.