Marcus & Millichap Capital Corporation (MMCC) recently facilitated a $10.5 million refinancing deal for DoubleTree by Hilton Hotel Olympia in Washington. The financing was arranged by Robert Bhat, senior managing director of capital markets at MMCC’s Miami office.
According to Bhat, the hotel is strategically located in downtown Olympia and has a strong performance record. The borrower’s experience also played a key role in securing the loan, which covered 70% of total costs including the required property improvement plan from Hilton. The interest rate for this loan is set at 7%.
The property features 102 rooms and underwent renovations in 2019. It is situated within Olympia’s Historic District and can be easily accessed via I-5 from Tacoma.
This news highlights MMCC’s expertise and success in providing commercial real estate capital markets financing solutions to clients across various locations nationwide.
