HVS Capital Corp (HVSCC) is pleased to announce that it successfully arranged $17.5 million in first mortgage financing, funded by a foreign bank, on two Holiday Inn Express hotels in Marysville and Sumner, Washington.
Marysville is the largest city in northern Snohomish County. Once viewed as a bedroom community for Everett, the local economy now includes significant retail and service components, as well as some light manufacturing. Recent developments on the nearby Tulalip Reservation have included a hotel and casino, an outlet mall and big box retail.
Sumner is one of two neighboring communities in eastern Pierce County. Major economic drivers include the Sumner industrial district, the Washington State Fairgrounds, Good Samaritan Hospital and South Hill Mall. The area is convenient to Tacoma and Seattle and is located near the hub of several state highways.
According to Bill Sipple, Executive Managing Director of HVS Capital Corp, “These Holiday Inn Express hotels were opened in 2007 and 2008 by experienced local developers and benefit from one of the strongest select service flags in the industry. Our client required a short closing, and we were able to execute a low cost securitized financing instead of a more expensive bridge loan.”