MMCC Secures $10M in Refinancing for Olympia DoubleTree
Marcus & Millichap Capital Corporation (MMCC), a provider of commercial real estate capital markets financing solutions, arranged $10.5 million for the refinancing of DoubleTree by Hilton Hotel Olympia, located at 415 Capitol Way N in Olympia, Washington.
Robert Bhat, senior managing director of capital markets, based out of MMCC’s Miami office, secured the financing. “The property is a high-performing DoubleTree by Hilton hotel strategically located in downtown Olympia,” noted Bhat. “Given the strength and experience of the borrower, we were able to secure a loan advancing 70% against total cost, including the property improvement plan required by Hilton, with a 7.00% interest rate.” The 102-key property was renovated in 2019 and is located in Olympia’s Historic District, 35 minutes outside Tacoma along I-5.