Jones Lang LaSalle Hotels Arranges Construction Loan in Atlanta
AUGUST 12, 2008. On behalf of Stevens Creek Developments, Jones Lang LaSalle Hotels is pleased to announce they have arranged a $13.6 million construction loan in connection with a planned 154-guestroom Sheraton Hotel to be built in Augusta, Georgia.
Scheduled to open in 2009, the Sheraton Hotel Augusta will be located on a seven acre site at 1075 Stevens Creek Road. The five story hotel is ideally situated one-quarter mile from Interstate 20 and just two miles from the Augusta National Golf Club.
"The project's sponsor was in need of additional capital sources, outside of their customary banking relationships, and Jones Lang LaSalle Hotels was able to identify multiple lenders that met our client's needs," said Adam Furth, a senior vice president for Jones Lang LaSalle Hotels. "This transaction demonstrates there is construction debt for quality hotel assets in smaller developing markets. The lending environment has become fairly challenging over the past year but we continue to have success in arranging for the financing of projects with strong sponsorship and quality franchise affiliations."
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