OLYMPIA, Wash., October 10, 2023 – Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $10,500,000 for the refinancing of DoubleTree by Hilton Hotel Olympia located at 415 Capitol Way N in Olympia, Washington.
Robert Bhat, senior managing director, capital markets, based out of MMCC’s Miami office secured the financing.
“The property is a high-performing DoubleTree by Hilton hotel strategically located in downtown Olympia,” noted Bhat. “Given the strength and experience of the borrower, we were able to secure a loan advancing 70% against total cost, including the property improvement plan required by Hilton, with a 7.00% interest rate.”
The 102-key property was renovated in 2019 and is located in Olympia’s Historic District, 35 minutes outside of Tacoma via I-5.