REBusinessOnline

Gantry Arranges $190M in Financing for Carillon Point Mixed-Use Property Near Seattle

KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released.Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers …

Gantry Secures $102.7M Refinancing for Arrive Apartments, Sound Hotel Tower in Seattle

SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle.Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel.George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property

Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corp. for $252M

THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million. The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in …

Mainsail Lodging Opens Epicurean Atlanta Hotel in Midtown District

ATLANTA — Mainsail Lodging & Development has opened Epicurean Atlanta, a 16-story boutique hotel in Midtown Atlanta. The hotel is a member of the Autograph Collection, a group of independent hotels operated by Marriott International. Epicurean Atlanta is the second location of the Epicurean Hotel brand, the first of which was a collaboration between Mainsail Lodging and the Bern’s Steak House in Tampa. Atlanta-based architectural and interior design firm Rule Joy Trammell + Rubio …

Does Your Property Tax Assessment Reflect COVID-19’s Long-Term Challenges?

Countless companies have seen their top and bottom lines decimated by COVID-19-related shutdowns, travel restrictions and changing consumer preferences since the start of the pandemic. Yet for many taxpayers, property tax values have changed little or even increased.Many of these taxpayers have been surprised to receive property tax bills that do not reflect the real and lingering economic challenges that the retail, hospitality, office and other industries have, are and will continue to …

NewcrestImage Acquires 164-Room Sinclair Hotel in Downtown Fort Worth

FORT WORTH, TEXAS — Locally based hospitality investment firm NewcrestImage has acquired the 164-room Sinclair Hotel in downtown Fort Worth. The 17-story luxury property is part of the Marriott Autograph Collection of hotel brands and features multiple food and beverage concepts. The seller and sales price were not

Apple Hospitality REIT Acquires Aloft Hotel in Portland, Maine, for $51.2M

PORTLAND, MAINE — Apple Hospitality REIT (NYSE: APL) has acquired the 157-room Aloft Hotel in downtown Portland for $51.2 million, or approximately $326,000 per key. The newly built, waterfront property features a fitness center, meeting space and multiple food and beverage options. The seller was not disclosed. Following the acquisition, the portfolio of Virginia-based Apple Hospitality consists of 215 hotels totaling about 28,000 rooms across 35

Jenkins Organization Purchases RV Resort Park in Warrens, Wisconsin

WARRENS, WIS. — The Jenkins Organization Inc. (TJO) has purchased The Jellystone Park in the central Wisconsin town of Warrens. The purchase price was undisclosed. With 415 recreational vehicle (RV) sites, 162 park models and 42 tent sites across 130 acres, the park will be the largest within TJO’s portfolio.TJO plans to upgrade the park with enhanced Wi-Fi and cable as well as replace several cabins. Planned additions include gem mining, laser tag and a jumping pad. Over the winter …

Coast Hospitality Receives $51.1M Refinancing for Benson Hotel Renovations in Portland

PORTLAND, ORE. — Seattle-based Coast Hospitality has received a $51.1 million loan for the refinancing and renovation of Benson Hotel in downtown Portland. Dallas-based Hall Structured Finance closed a first lien bridge loan for the borrower.Originally built in 1912 and expanded in 1959, the 13-story hotel features 287 guest rooms, including 57 suites; two restaurants; a bar/mezzanine lounge; and almost 18,000 square feet of indoor meeting space spanning across 18 different rooms, …

CIP Brokers Sale of 25-Room Ranch Motel in Oakland, Oregon

OAKLAND, ORE. — Crystal Investment Property (CIP) has arranged the sale of Ranch Motel, a motel in Oakland, a tiny city approximately midway between Eugene and Medford. Joseph Kennedy of CIP represented the buyer and seller in the deal. The acquisition price was not released.The exterior corridor motel is located north of Oakland and features 25 A-frame-style rooms and limited service. The property’s updated lobby and cabins feature a mid-century peaked metal

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