Premier Capital Associates, LLC, a national, full-service real estate investment company specializing in debt and advisory services for hospitality real estate, announced today that they had arranged construction financing for the SpringHill Suites by Marriott, Kennewick, WA.
Partners at Premier Capital Associates were able to source an $11,500,000 construction loan that will convert into a permanent loan. The new SpringHill Suites will be adjacent to the Convention Center. This property falls in line with a noticeable uptick in convention center hotel construction. JLL is counting five such major properties scheduled to open by 2017.
“Construction loans are still a challenge to get done but Premier Capital is finding ways to execute on high quality deals.” said Greg Morris, managing director of Premier Capital Associates. “Although we are seeing improvement in lending markets, as a whole, lenders still haven’t had to make the jump into new construction loans. This is an outstanding project in which the new hotel will be an integral part of the convention center and is strongly supported by all parties.”
Jeff McKee, Managing Partner at Premier Capital Associates points out that “The fundamentals that drive new hotel development are improving which makes this a good time to build in markets that make sense. Increased hotel values, especially in major markets, have closed the differential between buying and building which is why we are seeing more construction projects come on line. Construction is also a good option when trying to enter a market that the existing franchise companies are unwilling to give up their flags or management of key properties.”
Premier Capital Associates, LLC, located in Bellevue, Washington, is a national, full-service real estate investment company specializing in debt finance and advisory services for hospitality and other income-producing commercial real estate, with well-established national relationships. The principals bring over 35 years of commercial real estate finance experience arranging debt for construction loans, acquisition, refinancing, and reposition financing. For additional information, please contact either Jeff McKee at 425-957-0600 or Greg Morris at 425-957-0700. Or, visit the company’s Web site: www.premiercapitalassoc.com.