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Bay Point Advisors Funds $31.4MM Senior Loan to Kirkland Development

July 27, 2022, 07:46 AM
Filed Under: Real Estate

Bay Point Advisors provided a $31.4 million loan to Kirkland Development to finance the opening of an eight-story, 138 room waterfront Hotel Indigo in Vancouver, WA. The hotel will feature an indoor atrium with a glass ceiling, the city’s first rooftop bar, two restaurants (El Gaucho and 13 Coins), a coffee shop, and the Vancouver Waterfront District’s first liquor store. The hotel shares a wall with Kirkland Tower, a 12-story condominium building with 40 units, over half of which have already sold. Both buildings are expected to receive CO and open later this summer.

Dean & Kristin Kirkland are Vancouver natives and have several other notable projects in the area, including the planned Renaissance Boardwalk development less than half a mile south from this site, also on the Columbia River.

“The Kirkland Development team is excited to partner with Bay Point Advisors on Hotel Indigo, Vancouver. When we were looking for a bridge lender we reached out to Bay Point because of the ongoing partnership we have with them. We are happy to have this opportunity to work with Bay Point on another Kirkland project and anticipate others in the future,” said Dean Kirkland.

“We look forward to the opening of the hotel, adjacent condos and seeing this project come to life,” said Mitchell Dagley of Bay Point Advisors. “We believe the Vancouver Waterfront District will be a successful long-term development.”

Established in 2012, Bay Point Advisors LLC is a privately held firm based in Atlanta, Georgia specializing in customized, secured lending solutions across real estate and other industries, including entertainment, aviation, and natural resources. Since its inception, Bay Point Advisors has originated over $1 billion of privately negotiated loans.

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