iBorrow, a direct lender of private money loans for commercial real estate, has provided a $3.875 million loan to refinance Shilo Tacoma, a 76,230 square foot full-service hotel. The hotel includes 132 rooms, flexible meeting space and a breakfast area.
Proceeds of the loan will refinance an existing CMBS loan, which was successfully re-negotiated by the borrower.
“The borrower’s long and distinguished track record of operating hotels made our decision to refinance the property an easy one,” said iBorrow CEO Brian Good. “Though we had very little lead time before the transaction needed to be closed, iBorrow was able to offer a quick solution to the borrower's needs because the loan, as structured, provided a compelling investment opportunity.”
Shilo Inns is one of the largest privately owned and successfully operated hospitality companies in the country. In the Tacoma market, where the population has grown significantly over the past five years, there is an increased demand for hotel rooms, with the Shilo hotel reporting to be close to fully occupied during the May – October tourist season.