Renton, WA (November 12, 2019) — On behalf of SECO Development, Newmark Knight Frank has arranged a $130 million floating-rate loan for the refinancing of the Hyatt Regency Lake Washington, located in Renton, WA.
Newmark Knight Frank Vice Chairmen and Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani, Chris Kramer and John Gallagher, secured the loan. The loan was provided by Mirae Asset.
Located at 1053 Lake Washington Boulevard North in Renton, WA, the property is a newly completed four-star, 347-key full-service hotel constructed on the southern shore of Lake Washington. The Hotel is the newest luxury hotel in the Seattle market and is prominently situated within the Sponsor’s 17-acre Southport on Lake Washington mixed-use master plan development. The property offers 347 spacious guest rooms, including 31 suites, each outfitted with a modern, high-quality amenity package that is unrivaled within the competitive market. It is also the only waterfront hotel on Lake Washington with convention and meeting space. The Hotel’s amenities include 65,000 square feet of indoor and outdoor space, meeting/conference facilities, a ballroom, a fitness center, a pool, a spa and multiple dining options. Situated on the shores of Lake Washington, guests enjoy convenient access to Sea-Tac International Airport, downtown Seattle and Bellevue and some of the area’s most notable destinations such as Mount Rainier National Park and Gene Coulon Memorial Beach Park. The property is now one of the highest quality hotel in Greater Seattle.
As one of the newest luxury hotels serving the Greater Seattle area, the property is quickly establishing itself as the premier lodging facility for group business, due to its favorable guest room mix and 65,500 SF of waterfront diverse and flexible meeting and event space. The Hotel is strategically positioned within the Southport on Lake Washington mixed-use development, centrally located amid some of the largest employers in the Greater Seattle area, including Boeing, Amazon, Microsoft, Google, Starbucks, Kaiser Permanente, Providence Health and Services and the University of Washington. The Hotel’s location has already drawn interest from several nearby prominent employers for group booking. Amazon, Microsoft, T-Mobile, Concur and the University of Washington have each already booked group events or have events planned at the property.
The property is also highly accessible to the entire Seattle metro area via Interstates 5, 90, and 405, and is within proximity of three of the region’s airports – Seattle-Tacoma International Airport (8.5 miles), Boeing Field (11.5 miles), and Renton Municipal Airport (2.5 miles). This will create good access to the Hyatt as traffic continues to worsen in Seattle and Bellevue, and the midpoint location of Southport between those cities and the Airport remains easily accessible, a locational advantage and emerging trend for the most sought-after locations internationally for luxury housing, retail, office and hotels.
“The Hyatt Regency Lake Washington stands out among its peers as the premier hotel product in the Seattle market, with 65,000 square feet of indoor and outdoor meeting space, renowned F&B outlets and world-class amenities,” said Stolly.
“The SECO Development team has created a truly best-in-class hotel to complement the larger Southport on Lake Washington master planned development located directly on the lake front,’ said Roeschlaub.
Incorporated in 1989, SECO Development specializes in infill and high-end mixed-use projects and has been involved in the largest mixed-use developments in the region, including 17.5 acres in downtown Bellevue, 12.95 acres in Kirkland, 3.85 acres on Mercer Island, and 33.2 acres in Renton. They focus on developing urban sites while preserving the natural environment. Their vision of incorporating high quality housing with retail, office, hotel, and parking structures creates effectively master-planned communities.
Since its inception, SECO Development has developed more than 3,500 residential units, 160,000 square feet of retail, two senior housing projects, two hotels and is currently developing 2,400,000 square feet of Class A office space.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.