Home Industry News HFF Arranges $80MM Refinancing for Mixed-Use Hotel and Residences in Downtown Seattle

HFF Arranges $80MM Refinancing for Mixed-Use Hotel and Residences in Downtown Seattle

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Holliday Fenoglio Fowler, HFF, Seattle, Geolo Capital, PCCP, Olson Kundig Architects, Pike Place Market, Thompson Seattle Hotel and Sequel Apartments

SAN FRANCISCO, CA – August 4, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $80 million refinancing for the Thompson Seattle Hotel and Sequel Apartments, a recently completed, two-building, 183,486-square-foot, mixed-use property comprising 158 hotel rooms and 93 residential units in downtown Seattle, Washington.

HFF worked on behalf of the borrower, a joint venture between Geolo Capital and their local development partners, Douglas Howe and Shawn Parry, to place the floating-rate bridge loan with PCCP, LLC. Loan proceeds are being used to refinance the existing construction loan.

Designed by Olson Kundig Architects and completed in June 2016, Thompson Seattle Hotel was named the 2016 NAIOP Hospitality Development of the Year. The 100,906-square-foot luxury boutique hotel’s guestrooms have floor-to-ceiling windows that either overlook Pike Place Market or across Puget Sound. The hotel features 3,000 square feet of meeting space; a state-of-the-art fitness center open 24 hours and overlooking 1st Avenue; and two restaurant and beverage options, Scout and The Nest rooftop bar, lounge and terrace, which was named “Best Rooftop Bar in Seattle” by The Seattle Times. Additionally, two retail tenants, Seleuss Chocolate and Tokyo Smoke, occupy ground-floor retail space. The Sequel offers one- and two-bedroom units in addition to penthouse suites. Community amenities include a concierge, housekeeping, fitness center, rooftop deck, 24-hour valet and a variety of a la carte services, including personal shopping, catering, airport pick-up, secretarial services, in-residence spa treatment, personal trainers, laundry, equipment rental and room service. Residents also receive VIP access to the Thompson Seattle’s restaurant and rooftop bar.

The Thompson Seattle is located at 110 Stewart Street, with the Sequel located at 1900 1st Avenue in downtown Seattle, one block from Pike Place Market in the heart of the Pike and Pine retail core. The property has a Walk Score® of 99, making it a “Walker’s Paradise,” and is within walking distance to Westlake Center, Pacific Place and flagship stores for both Nordstrom’s and REI.

The HFF debt placement team representing the borrower was led by senior managing director Bruce Ganong.

“The competition among lenders for this financing opportunity was very strong, and the outcome was a testament to the quality of sponsorship and the truly unique property they developed,” Ganong said.

About Geolo Capital
San Francisco-based Geolo Capital is the private equity investment arm of the John A. Pritzker family, continuing a four-generation unmatched record of creating, investing in and building a diversified portfolio of consumer-focused companies. From its legacy involvement helping to grow Ticketmaster, to founding Mandara Spa and Commune Hotels and Resorts. In 2016 Commune merged with Destination Hotels, creating Two Roads Hospitality, the most significant global collection of lifestyle and independent hotels. Geolo Capital’s mission is to cultivate enduring world-class brands in four core industries – hospitality, entertainment, health and wellness, and consumer products. Geolo combines operational expertise, strategic vision and highly targeted capital to create long-term value for the companies in which it invests. Visit http://www.geolo.com for more information.

About Touchstone
Touchstone is a privately-owned, Seattle-based real estate developer. In the last decade, Touchstone has broken ground on 12 projects comprising nearly 3 million square feet. It is currently developing 2 million square feet of real estate in the greater Seattle area. NAIOP recently selected them as 2016 Developer of the Year. Visit http://www.touchstonenw.com for more information.

About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $11 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.