SECO Lands $130M Refi for Seattle Lakefront Hotel
By Cathy Cunningham November 7, 2019 10:40 am
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SECO Development has landed a $130 million loan to refinance its Hyatt Regency Lake Washington luxury hotel in Renton, Wash., Commercial Observer has learned.
NH Investment & Securities and Mirae Asset Daewoo provided a $90 million mortgage and $40 million mezzanine loan in the deal. The transaction was arranged by Newmark (NMRK) Knight Frank’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and John Gallagher and officials at BridgeRock Realty Advisors advised the lender.
“ NH is proud to work with SECO Development and its owner, Michael Christ, on this great transaction that gives us exposure to the greater Seattle market and continues to extend our lending business in the West Coast,” said Joon Ho Park, director at NH.
The newly completed 347-key hotel, at 1053 Lake Washington Boulevard North, sits on the southern tip of Lake Washington and within Renton-based SECO’s 17-acre Southport on Lake Washington master-planned development. The $1 billion project also includes 383 luxury multifamily units, 712,752 square feet of commercial office space, four restaurants, and 11,025 square feet of retail space.
“The SECO Development team has created a truly best-in-class hotel to complement the larger Southport on Lake Washington master planned development,” Roeschlaub said in prepared remarks.
The four-star Hyatt’s amenities include 65,000 square feet of indoor and outdoor space, a ballroom, a fitness center, a pool, and several dining options.
The property is centrally located between Seattle and Bellevue and amid some of the largest employers in the area, including Amazon, Microsoft, Google, Boeing and Starbucks. As the only waterfront hotel on the lake to include meeting and event space, it’s well positioned to attract group event bookings.
“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 food and beverage outlets and world-class amenities,” Stolly said.
Officials at SECO and Mirae Asset were not immediately available for comment.
