SECO Growth has landed a $130 million mortgage to refinance its Hyatt Regency Lake Washington luxurious lodge in Renton, Wash., Industrial Observer has realized.
Mirae Asset supplied the floating-rate debt in a transaction organized by Newmark Knight Frank’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and John Gallagher.
The newly accomplished 347-key lodge, at 1053 Lake Washington Boulevard North, sits on the southern tip of Lake Washington and inside Renton-based SECO’s 17-acre Southport on Lake Washington master-planned growth. The $1 billion challenge additionally contains 383 luxurious multifamily items, 712,752 sq. ft of economic workplace house, 4 eating places, and 11,025 sq. ft of retail house.
“The SECO Growth staff has created a really best-in-class lodge to enhance the bigger Southport on Lake Washington grasp deliberate growth,” Roeschlaub mentioned in ready remarks.
The four-star Hyatt’s facilities embody 65,000 sq. ft of indoor and outside house, a ballroom, a health heart, a pool, and several other eating choices.
The property is centrally situated between Seattle and Bellevue and amid a few of the largest employers within the space, together with Amazon, Microsoft, Google, Boeing and Starbucks. As the one waterfront lodge on the lake to incorporate assembly and occasion house, it’s nicely positioned to draw group occasion bookings.
“The Hyatt Regency Lake Washington stands out amongst its friends because the premier lodge product within the Seattle market, with 65,000 sq. ft of indoor and outside assembly house, famend meals and beverage shops and world-class facilities,” Stolly mentioned.
Officers at SECO and Mirae Asset weren’t instantly accessible for remark.