CHICAGO, IL (April 17, 2008) – Chicago-based ORIX Real Estate Capital, Inc. has provided $18.5 million in first mortgage financing to Atlanta-based NYLO Hotels LLC for the construction of a 200-room loft lifestyle hotel in Irving, Texas, said David R. Brown, (top right photo) president and chief executive officer of ORIX Real Estate Capital.
NYLO Las Colinas, situated at the northwest corner of Royal Lane and Sierra Drive, is approximately 10 minutes from Dallas-Ft. Worth International Airport and fifteen minutes from downtown Dallas. The five-acre site is within the thriving Las Colinas commercial area, which contains more than 20 million square feet of office space.
“We saw this as a great opportunity to work with an exciting, new hotel brand,” said Brown. “We believe in both the innovative concept and excellent location for this project. And our longstanding relationship with NYLO principals and respect for their vision and entrepreneurial spirit gave us a high comfort level when considering this loan.”
To date, NYLO has completed a hotel in Plano, Texas, and announced additional projects in Warwick near Providence, Rhode Island; and in Broomfield near Denver, Colorado.
The upscale NYLO Las Colinas will have a 3,000-square-foot ballroom, featuring soaring ceilings and exposed brick walls and connecting to an outdoor courtyard. Overall there will be more than 6,000 square feet of space for meetings, wedding receptions and other special events.
Michael Mueller, president and chief development officer of NYLO Hotels LLC, is spearheading the expansion of the NYLO brand. “We received superior support from ORIX in structuring and closing this loan, which helps facilitate the execution of our business plan to expand the NYLO hotel brand,” said Mueller.
Chicago-based ORIX Real Estate Capital, Inc. provides debt and equity capital for real estate transactions throughout the United States. The company is a subsidiary of Dallas-based ORIX USA, whose parent company is ORIX Corporation, a Tokyo-based integrated financial services company with more than $80 billion in assets and operations in 23 countries.
For more information about ORIX Real Estate Capital’s capabilities, to view recent transactions, and to obtain contact information, visit http://www.orix.com/.