Erich Guenther Close $5.5M Private Investment in Historic Tax Credits (HTCs) to Preserve Seattle's Landmark Calhoun Hotel

    SEATTLE, WA, March 26, 2015 /24-7PressRelease/ -- Glacier Real Estate Finance announced today that it recently secured a private investment of $5,500,000 in HTCs (Historic Tax Credits), originated by Principal Erich Guenther and Loan Officer Mischa Guenther, in the new Palladian Kimpton Hotel located at Second Avenue and Virginia in Seattle.

The property is located on the site of the landmark Calhoun Hotel; an eight-story building designed and constructed over 100 years ago by Seattle entrepreneur and attorney Scott Calhoun. It was originally developed as a 152-room hotel, likely in response to the hotel building boom that occurred between 1906 and 1910.

On the National Register of Historic Places, the Palladian features a Prohibition-era basement that once served as a speakeasy, along with exposed brick, reclaimed wood and finishes of brass, leather and marble. One of the Kimpton Group's four properties in downtown Seattle, it combines old-world charm with luxe design and modern amenities.

"The Federal Historic Tax Credit program encourages private sector investment in the rehabilitation and reuse of historic buildings such as the Calhoun," says Erich Guenther. "It's one of the country's most successful community revitalization programs, and it's creating jobs as well as preserving the character of the district in and around Pike Place Market."

The program is designed to preserve aesthetic value, architectural diversity and the resource value of historic buildings and districts in the city. This investment will help the new, 97-room Palladian Kimpton Hotel meet historic preservation requirements.

The hotel, just steps away from the Market in the heart of downtown Seattle, features a new restaurant, Shaker + Spear, and the Pennyroyal Bar, in addition to 1,100 square feet of meeting and event spaces. Guests and visitors to the hotel also enjoy city, water and Space Needle views, as well as close proximity to Amazon's new, 3.3 million-square-foot downtown headquarters.

The investment represented the first HTC hotel finance transaction to be placed in downtown Seattle since the 2008-2009 recession, Erich Guenther added.

"We're thrilled to be partnering with US Bank and Shemiran Trade Development to move this project forward," says Erich Guenther. "Given the Kimpton Hotel Group's fine reputation and attention to detail, we put together an all-star team to maximize the potential of this unique hotel property."

About Erich Guenther and Glacier Real Estate Finance:

Erich Guenther is a Principal at Glacier Real Estate Finance, a leading commercial mortgage banking firm in the Northwest. Since 1976, Glacier has provided real estate owners, investors and developers with solutions, completing over $4 billion in loan closings. Their wide range of lender relationships include life insurance companies, banks, and various specialized lenders. These sources, coupled with in-depth knowledge of the real estate capital markets, allow them to access and structure the most competitive loan terms available for their borrower clients. Glacier is also a primary commercial loan servicer, managing a portfolio of $1.2B on behalf of their correspondent lenders. For more information contact Erich Guenther at 425.274.0284 (w) or 206.856.5884 (c) or visit www.glacier.com

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