As published by Rentv.com, iBorrow provided a $5.1 million loan to convert a 25,430 square foot historic Seattle building into a luxury boutique hotel, as well as a $4.6 million loan to develop a 24,000 square foot office building space into a luxury boutique hotel. Both properties are located in the Pioneer Neighborhood of downtown Seattle, located just minutes away from Century Link Stadium, the Seattle Waterfront and Pike Place Market.
When fully renovated, the first property, located at the intersection of 1st Avenue South and South Washington Street, will be an amenity-rich 25-room luxury hotel featuring a restaurant, coffee shop, large music venue and full bar. The second property, located at the intersection of Second Avenue and Yesler Way, will include 38 rooms, a wine bar, restaurant and lounge, two roof decks, an outdoor coffee bar and a basement entertainment venue.
“These properties are still a year from being fully renovated,” said iBorrow CEO Brian Good. “Seattle is one of the strongest real estate markets in the country, and given these buildings’ prime location, we believe that once the renovations are complete, the hotel revenue will be significant.”