JLL Capital Markets has successfully secured $67.1 million in construction financing for the development of a new 215-key dual-branded hotel, Marriott Courtyard Residence Inn, located in Sand City. The borrower, EKN Development Group and Garn Development were represented by JLL and obtained a first mortgage loan of $39 million from HALL Structured Finance. Additionally, Nuveen Green Capital provided a C-PACE loan totaling $28.1 million.
Situated along the picturesque coast of Sand City, this property is poised to capitalize on the consistent demand generated by popular attractions such as Monterey Bay Aquarium, Laguna Seca Raceway, renowned golf courses and stunning landscapes.
According to Ebbie Khan Nakhjavani from EKN Development Group: “In today’s economic climate with stricter lending requirements in place,it is crucial for projects to have access to innovative financing methods and sources.” He further added that working with JLL has always presented viable alternatives,and their recent success marks their second deal closed together in Sand City.JLL’s approach towards creative financing was instrumental in securing funding for our project during these challenging times.”
This announcement comes as no surprise given JLL’s proven track record of delivering successful outcomes through its expertise and strategic partnerships within the capital markets sector.
