Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $14 million permanent loan to refinance the Best Western Plus located at 3000 W Marina Dr in Moses Lake, Wash. The high performing hotel and restaurant facility offers both a serene lakeside destination location and a central I-90 rest stop for travelers between Seattle and Spokane. The full property, including restaurant location, underwent a recent strategic improvement program completed in 2023.

Gantry’s Drit Shoemaker, Director, with the firm’s Seattle production office represented the borrower, a private real estate investor. The seven-year, fixed rate loan was provided by a regional bank at 25-year amortization. 

According to Gantry’s Drit Shoemaker, “Most well managed hospitality assets in strategic locations continue to show improving performance as post COVID travel norms return. This well-maintained Best Western Plus property was facing a pending maturity after an extensive renovation completed in 2023 that led to a dramatic improvement to performance. This refreshed, high quality, lakefront property continues to see growing revenue from an increase in bookings and restaurant patronage. After a careful review of available loan programs from Gantry’s deep roster of lenders including life companies, conduits, debt funds, credit unions, and banks, a seven-year loan from a leading Pacific Northwest regional bank provided the best loan option with maximum proceeds including cash out, best meeting our client’s long-hold investment plans.”