Tacoma's McMenamins' financing plan still uncertain

Tacoma News TribuneMay 28, 2014 

The old Elks lodge in downtown Tacoma, pictured in 2013.

PETER HALEY — The News Tribune Buy Photo

Brewpub operator McMenamins hasn't made any decisions yet on financing options for its Tacoma location, the company CFO said Wednesday.

In light of this week's Seattle Times report on the company's Bothell project, The News Tribune checked in with Larry Dortmund to see if anything in Tacoma had changed. The paper reported in December that McMenamins was having a much harder time finding investors for the Tacoma project than it anticipated it might, and that the Bothell project would happen before Tacoma's.

Nothing has changed for Tacoma, Dortmund said. The crowdfunding mechanism being used to raise equity for Bothell is an option for Tacoma, as is using the federal EB-5 program. He said a plan should crystallize in the next few months.

Meanwhile, the company is about halfway to their $8 million goal for equity in Bothell. Dortmund told the Times that the company will re-evaluate its construction timeline at the end of June based on how much money is raised. McMenamins plans to begin work in Bothell by the end of the summer and finish 13-14 months after that.



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