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.”