{"id":1004303432,"date":"2019-02-27T06:20:36","date_gmt":"2019-02-27T14:20:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004303432"},"modified":"2019-02-27T06:20:36","modified_gmt":"2019-02-27T14:20:36","slug":"tacoma-marriott-lands-78m-in-construction-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tacoma-marriott-lands-78m-in-construction-financing\/","title":{"rendered":"Tacoma Marriott Lands $78M in Construction Financing"},"content":{"rendered":"<div id=\"attachment_1004303639\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004303639\" data-attachment-id=\"1004303639\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tacoma-marriott-lands-78m-in-construction-financing\/tacoma-marriott-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Tacoma Marriott Rendering\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Tacoma Marriott rendering&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg?w=800\" class=\"wp-image-1004303639 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/Tacoma-Marriott-Rendering-.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004303639\" class=\"wp-caption-text\">Tacoma Marriott rendering<\/p><\/div>\n<p>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.&nbsp;<\/p>\n<p>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.&nbsp;<\/p>\n<p>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.&nbsp;<\/p>\n<p><em>\u201cThe 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\u2019s support and commitment to the project\u2019s success, as well as its immense importance to the Tacoma market. As a lender, this attentiveness is wildly important to us,\u201d&nbsp;<\/em>Jonathan Roth, co-founder &amp; managing partner at 3650 REIT, told <em>Commercial Property Executive.<\/em><\/p>\n<p>Last November, 3650 REIT <a href=\"https:\/\/www.commercialsearch.com\/news\/115m-financing-for-anaheim-luxury-hotel\/\">facilitated a $115 million loan<\/a> for BPM Real Estate Group, to build a 326-key, four-star Radisson Blu hotel in Anaheim, Calif.&nbsp;<\/p>\n<p><em>Rendering courtesy of 3650 REIT <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>3650 REIT facilitated the loan for the development of a 304-key hotel directly connected to the Greater Tacoma Convention Center. <\/p>\n","protected":false},"author":746,"featured_media":1004303639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,21742,1610,15],"tags":[44420,33877],"class_list":["post-1004303432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-latest","category-seattle","category-west","tag-3650-reit","tag-marriott"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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