As published by Business Examiner, iBorrow has provided a $3.875 million loan to refinance Shilo Tacoma, a 76,230 square foot full-service hotel located in Tacoma, Washington. The hotel includes 132 rooms, flexible meeting space and a breakfast area. The proceeds of the loan will refinance an existing CMBS loan, which was successfully re-negotiated by the borrower.
“The borrower’s long and distinguished track record of operating hotels made our decision to refinance the property an easy one,” said iBorrow CEO Brian Good. “Though we had very little lead time before the transaction needed to be closed, iBorrow was able to offer a quick solution to the borrower’s needs because the loan, as structured, provided a compelling investment opportunity.”
Shilo Inns is one of the largest privately owned and successfully operated hospitality companies in the country. Hospitality properties like Shilo Inns are much needed in the Tacoma market, where the population has grown significantly over the past five years, resulting in an increased demand for hotel rooms, with the hotel remaining close to fully occupied during the May – October tourist season. Further, the property’s location is adjacent to numerous attractions, including the Tacoma Dome, the combined McChord Air Force Base and Ft. Lewis Army Base, and the Great American Casino.