Bremerton, WA, October 1 – Mike Incrocci and the Pyatt Broadmark Management team provided a $16,000,000 refinance & entitlement loan to Sound West Group for their Marina Square project, a 2.2-acre waterfront property located in downtown Bremerton, WA. Marcus Steele of Palmer Capital Inc. brokered the deal.
Marina Square is an exciting new project planned for the downtown Bremerton waterfront. Plans include a new hotel, restaurant/bar, and apartments in two, 6-story towers above 3-levels of subterranean parking.
The southern tower will house approximately 125 hotel rooms with amenities, in addition to a waterfront restaurant and bar. South West Group has partnered with Cambria Hotels, a member of the Choice Hotels upscale brand offering.
The northern tower is planned for 130+ apartments over structured parking, featuring ample amenities, including a rooftop deck and fitness center, the entire building is specially designed to maximize waterfront views and reinforces the view corridors and pedestrian access points to the waterfront.
The community will benefit from multiple open spaces and view corridors for the public to engage the waterfront experience by connecting downtown to its shoreline. In addition to a significant increase in parking, the Port of Bremerton’s goal of maintaining parking for marina tenants will be fulfilled through this development.
Sound West Group ranks today as one of the largest developers in the west sound and manages over 500,000 square feet of commercial properties. The group is currently in development of over 350 apartment units, 128 single family homes, as well as various other commercial projects with a total transaction value of $140 million.
About the Broadmark Companies
The Broadmark Companies are Seattle-based all-cash direct lenders for commercial real estate projects and have funded 1,000+ loans since 2010.
The Broadmark Companies lend in Washington State, Oregon, Idaho, Texas, Colorado, Utah, Georgia, Florida, Tennessee, North Carolina, South Carolina, and the DC Metro area.