Peachtree Group Refis Seattle Hotel With $68M Loan
By Andrew Coen April 21, 2025 12:35 pm
reprints
Nexera Capital has secured a $68.15 million loan to refinance a newly opened Seattle hotel asset, Commercial Observer has learned.
Peachtree Group originated the three-year, floating-rate, first-mortgage loan with two 12-month extension options for the Atlanta-based developer’s 200-room AC Hotel in Downtown Seattle that opened in October 2024. Nexera plans to ramp up the property’s performance to reach stabilization and then sell, according to Peachtree.
Jared Schlosser, Peachtree Group’s senior vice president, said the hotel is poised for success given its proximity to the Seattle Convention Center and Amazon’s corporate headquarters. Schlosser noted that Seattle was the fastest-growing convention market in 2024 with a 37 percent yearly increase in room bookings.
“We have a good history with the borrower and are providing them with a construction takeout financing vehicle to ramp up the hotel,” Schlosser told CO. “It’s a really nice hotel full of amenities with an outdoor area that they created that can open and close with the weather, which I think will do really well near the bar that they have in the lobby.”
Located at 117 Yale Avenue North, the 11-story hotel has amenities that include a fitness center, dry cleaning service and meeting space.
“The hotel’s location in Denny Triangle is within walking distance of major tech campuses, the Summit Convention Center and some of Seattle’s most iconic spots,” Pete Patel, founder and CEO of Nexera Capital, said in a statement. “As we look ahead, we’re focused on growing the hotel’s presence and making a meaningful impact in the local community.”
Andrew Coen can be reached at acoen@commercialobserver.com
