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Hotel 1000 Owner Gains Long-Term Financing

SEATTLE-The new luxury boutique hotel opened in June in the lower 14 floors of a 24-story hotel and condominium tower at First Avenue and Madison Street Downtown.

By Brian K. Miller | Updated on September 26, 2006

(To read more on the debt and equity markets, click here.)

SEATTLE-The owner of Hotel 1000 has landed a $41.5-million loan for the 120-room property. The luxury boutique hotel opened in June in the lower 14 floors of a 24-story hotel and condominium tower at First Avenue and Madison Street Downtown.

The 10-year, fixed-rate loan is interest free for the first two years. The balance of the payments are based on a 30-year amortization schedule. The loan, which represents 75% of the hotel’s stabilized value, was provided by an undisclosed Wall Street investment bank. It was sourced by Los Angeles-based Sonnenblick-Eichner Co.

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