JLL Arranges Construction Debt on Dual-Branded Sand City Hotel
JLL Capital Markets arranged a total of $67.1 million in construction financing for the development of the 215-key, dual-branded hotel, Marriott Courtyard Residence Inn in Sand City. JLL represented the borrower, EKN Development Group and Garn Development, and secured the first mortgage loan of $39 million from HALL Structured Finance. Nuveen Green Capital provided a C-PACE loan of $28.1 million.
The property is located along the coast of Sand City. As the only new select-service/extended-stay hotel in the area, it’s intended to take advantage of the steady demand generated by attractions such as the Monterey Bay Aquarium, Laguna Seca Raceway, renowned golf courses and striking landscapes.
“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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).