Marriott Courtyard Residence Inn,
a 215-key, duel-branded hotel
in Sand City, CA
NEW YORK, NY – JLL Capital Markets has arranged a total of $67.1 million in construction financing for the development of the 215-key, duel-branded hotel, Marriott Courtyard Residence Inn in Sand City, California.
JLL represented the borrower, EKN
Development Group and Garn Development, and secured the first mortgage loan of $39 million from HALL Structured Finance, and Nuveen Green Capital
provided a CPACE loan of $28.1 million.
The 139,660-square-foot building will
include 215 guest rooms. The Courtyard by Marriott includes 127 guestrooms and
features the brand’s clean lines, combining beach style with a modern feel. The
Residence Inn by Marriott includes 88 rooms designed for the longer-stay guest.
The development will feature 3,133 square
feet of flexible meeting space, a spacious courtyard with a resort style pool,
luxurious cabanas and a fully equipped stage to accommodate live performances
and events. The hotel will also include an epicurean experience with an
independently branded restaurant and bar.
Ebbie Khan Nakhjavani
The property is located along the scenic coast of Sand City, California. With its prime location, the property benefits from its proximity to Monterey State Beach and Cannery Row.
As the only new select-service/extended-stay hotel in
the area, it takes advantage of the steady demand generated by attractions such
as the Monterey Bay Aquarium, Laguna Seca Raceway, world-class golf courses and
stunning landscapes that attract visitors from all over the world.
“In this economic climate and inherent stricter loan requirements, the demand for innovative financing methods and sources are crucial to the success of all projects," said Ebbie Khan Nakhjavani of EKN Development.
"Working with the JLL team has always
presented viable alternatives and we just closed our second deal with them in
Sand City. JLL’s approach to creative financing was a game-changer for our
project in Sand City, particularly in these difficult economic conditions.”
Cory Jubran
“We
at Nuveen Green Capital are very much excited about the proposed project and
have great confidence in its success. This transaction is another example of a
growing list showing how C-PACE can be used to offer an accretive financing
solution for owners and developers,” added Cory Jubran of Nuveen Green
Capital.
For
more news, videos and research resources, please visit JLL’s newsroom
CONTACT:
Alli Stent
PR,
Hotels & Hospitality,
Capital Markets
Chicago | JLL
M +1 330 329
6750
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