Avatar Financial Group LLC, a national bridge lender specializing in commercial real estate, has provided a $4.26 million bridge loan secured by the Quality Inn & Suites Sequim at Olympic National Park, located at 134 River Road in Sequim, Washington.
The two-year, first-lien loan was originated at 63% loan-to-value. The sponsor’s existing CMBS lender required an expedited payoff, and Avatar’s financing retired that loan within the lender’s timetable. The sponsor, an Olympic Peninsula hotel owner with a long-standing relationship with Choice Hotels, intends to refinance into permanent financing once the yield-maintenance period and the planned property improvements are complete.
Built in 2006, the three-story hotel contains 60 guestrooms within approximately 29,787 square feet. The property occupies a 1.4-acre site and provides 61 surface parking spaces. Ownership invested approximately $100,000 in capital improvements over the preceding three years, including a roof replacement and pool renovations and has budgeted roughly $200,000 more for guestroom and public-area work, including updated soft goods, lobby finishes and guest corridors.
The post Avatar Financial Group Provides Loan for Quality Inn & Suites in WA appeared first on Connect CRE.
​Â
