Gantry has secured a $14 million permanent loan to refinance the Best Western Plus located at 3000 W Marina Dr in Moses Lake, Washington.
Gantry’s Drit Shoemaker, Director, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by a regional bank at 25-year amortization.
The hotel and restaurant facility offers both a lakeside destination location and a central I-90 rest stop for travelers between Seattle and Spokane. The full property, including the restaurant location, underwent a recent strategic improvement program 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.
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