SEATTLE-Hotel owner and developer Haseman America Inc. refinanced the 238-room Embassy Suites Hotel Seattle-Tacoma International Airport with a $20-million floating rate loan from New York-based CDC Mortgage Capital Inc. The loan equals just under 70% of the hotel’s estimated value.The five-year loan is written as a two-year loan with three one-year extensions, according to CDC managing director Scott Zucker, who spoke with about the transaction in lieu of the loan originator, Tony Jaffe in CDC‘s Los Angeles office. “With most hotel properties, performance today is not as good as [it will be] in a couple of years, so most are thinking shorter term rather than longer term” says Zucker. “The loan gives the borrower the optimal flexibility for either selling or refinancing the property in the future.”Located off Interstate 405 near its intersection with Interstate 5, the all-suite hotel includes a 170-seat, full-service restaurant and lounge, 5,607 sf of meeting space and an indoor swimming pool and spa. San Francisco-based Haseman was the original developer of the property. The financing was arranged by the Newport Beach office of NorthMarq Capital. CDC Mortgage Capital, the US commercial real estate financing unit of CDC IXIS of Paris, France, provides fixed- and floating-rate mortgage debt and various forms of mezzanine financing for commercial real estate transactions in excess of $5 million. Zucker says the Haseman loan may well be securitized, but not right away because one was just completed. The next securitization isn’t expected to occur until sometime during the fourth quarter, says Zucker.

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