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February 22, 2019  

REIT Finances Tacoma Hotel Project

3650 REIT originated a $78 million construction loan last week on a partially completed hotel in downtown Tacoma, Wash.Yareton Investment will use the proceeds to finish the 304-room Marriott Tacoma Convention Center Hotel, which is about 30% complete.The fixed-rate loan has a two-and-a-half-year term and two six-month extension options. A portion of the balance was funded at the closing. Seattle-based Yareton can draw down the rest over time as...

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