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5/26/17
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iBorrow has provided two loans totaling just under $10 mil to finance hotel conversion projects in Downtown Seattle’s Pioneer Square neighborhood. Both properties are situated just minutes from Century Link Stadium, the Seattle Waterfront and Pike Place Market.
One of the deals is a $5.1 mil loan to convert a 25.4k sf, historic building into a luxury boutique hotel. The other transaction is a $4.6 mil loan to convert a 24k sf office building space into a luxury boutique hotel. The loans were originated by iBorrow’s Will McCabe.
When fully renovated, the first property, located at the intersection of 1st Avenue South and South Washington Street, will be an amenity-rich, 25-room luxury hotel featuring a restaurant, coffee shop, large music venue and full bar. The second property, located at the intersection of Second Avenue and Yesler Way, will include 38 rooms, a wine bar, restaurant and lounge, two roof decks, an outdoor coffee bar and a basement entertainment venue.
"These properties are still a year from being fully renovated," said iBorrow CEO Brian Good. "Seattle is one of the strongest real estate markets in the country, and given these buildings' prime location, we believe that once the renovations are complete, the hotel revenue will be significant."
"Because both properties are historic buildings, the planning and permitting process can be complicated and the borrower must take extra steps to preserve the properties' original structures," Good added. "However, we believe that the borrower's extensive experience in repositioning different types of real estate properties would allow him to overcome any remaining obstacles. An additional benefit of converting these buildings is that they are both flexible and can be configured as office buildings."
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