Gantry Secures $14M Refinance Loan for Best Western Plus in Moses Lake, WA
Gantry has successfully arranged a $14 million permanent loan to refinance the Best Western Plus located at 3000 W Marina Drive in Moses Lake, Washington.
The loan was secured by Drit Shoemaker, Director at Gantry’s Seattle production office, on behalf of a private real estate investor. The financing comes in the form of a seven-year, fixed-rate loan with a 25-year amortization schedule, provided by a regional bank.
Positioned as both a scenic lakeside destination and a convenient stopover for travelers along the I-90 corridor between Seattle and Spokane, the hotel features on-site restaurant amenities. The entire property, including the restaurant, recently underwent a comprehensive renovation completed in 2023.
“After a careful review of available loan programs from Gantry’s deep roster of lenders including life companies, conduits, debt funds, credit unions, and banks, a seven-year loan from a leading Pacific Northwest regional bank provided the best loan option with maximum proceeds including cash out, best meeting our client’s long-hold investment plans,” said Shoemaker.
The refinance supports the investor’s long-term strategy for the asset by enhancing cash flow and securing competitive financing in the current market.
