JLL Capital Markets has successfully arranged $67.1 million in construction financing for the development of a 215-key, dual-branded Marriott Courtyard Residence Inn in Sand City. The borrower, EKN Development Group and Garn Development, was represented by JLL who secured a first mortgage loan of $39 million from HALL Structured Finance and a C-PACE loan of $28.1 million from Nuveen Green Capital.
Strategically located along the coast of Sand City, this property is poised to capitalize on the steady demand generated by popular attractions such as Monterey Bay Aquarium, Laguna Seca Raceway, renowned golf courses and picturesque landscapes.
According to Ebbie Khan Nakhjavani of EKN Development Group: “In today’s economic climate with stricter loan requirements, it is crucial for projects to have access to innovative financing methods and sources.” He further added that working with JLL has always provided viable alternatives as evidenced by their second successful deal together in Sand City. The team’s approach towards creative financing proved instrumental in securing funding for this project especially during these challenging times.
This recent achievement highlights JLL’s expertise in arranging construction debt for commercial real estate developments across various markets without mentioning specific locations or brands.
