3650 REIT, a national commercial real estate lending, investment and services firm, has facilitated a $78 million construction loan to Seattle-based Yareton Investment, LLC to complete the development of a Marriott hotel in Tacoma’s tourism corridor.
“This deal presented a unique opportunity to partner with a high-quality sponsor who is pursuing the development of a transformational project that will advance the revitalization of downtown Tacoma,” Jonathan Roth, co-founder and managing partner at 3650 REIT said in a statement. “With its premium amenities, proximity to the light rail service, and direct connection to the Convention Center, the hotel should experience consistently high levels of demand.”
The 22-story hotel, now 30 percent complete, will feature 304 rooms, 9,000 square feet of event space, a 10,000-square-foot ballroom and will benefit from being directly connected to the Greater Tacoma Convention Center. According to the firm, the loan enables Yareton Investment to advance the development of the hotel component of its broader mixed-use project, which includes a residential tower to accommodate the needs of local residents and University of Washington Tacoma students.
Stated Yareton Investment general manager Fei Xie, “The experienced team at 3650 REIT is familiar with the Tacoma market, recognizes the potential of our project and worked diligently to structure a financing solution that will enable the completion of what will be the area’s premier full-service hotel. We couldn’t be happier with our lender and look forward to establishing a long-term relationship with 3650 REIT.”
Headquartered in Florida, 3650 REIT has offices in New York, Chicago, Los Angeles, and Newport Beach.
Yareton Investment, LLC is a subsidiary of Mintong Real Estate Co., which is a full-service property development, management and consulting company, with subsidiaries also dedicated to construction and remodeling of real estate developments along the West Coast.