Seattle Boutique Hotel Secures $24M Refi

Cedarbrook Lodge, a 167-room boutique hotel in Seattle, has obtained $24 million in refinancing. Sonnenblick-Eichner Co. arranged the first mortgage loan on behalf of the borrower.

Prime Finance originated the non-recourse, floating rate, interim five-year note, Commercial Real Estate Direct reported.

The loan replaces a long-term, fixed-rate $27 million credit that Sonnenblick-Eichner Co. previously arranged for the asset in 2016.

Located at 18525 36th Ave. S., Cedarbrook Lodge sits on seven acres of restored wetlands. The property is near multiple dining and entertainment options, with Seattle-Tacoma International Airport just west of the hotel.

A redeveloped property

Originally a Washington Mutual Center between 2003 and 2008, the property was then purchased a year later and redeveloped into a boutique hotel. In 2013, Cedarbrook broke ground on a $16 million expansion that added 63 guest rooms and an additional 49 car parking spaces.

Cedarbrook Lodge features guestrooms and suites ranging from 276 to 1,090 square feet. All rooms have a mini refrigerator, television, hair drier, working desk and safe, with some units also being dog-friendly.

Shared amenities include 17,000 square feet of meeting space, a 1,600-square-foot fitness area, outdoor hot tub, airport shuttle and parking. Moreover, the hotel comprises a 3,000-square-foot spa dubbed The Spa at Cedarbrook Lodge and a full-service restaurant and bar.

Also in the western region, Realberry and Proper Hospitality secured $298 million in refinancing for Cal Neva Hotel earlier this month. The loan included the first C-PACE transaction in Washoe County and the largest in the history of Nevada.