First American Realty Arranges Hilton Garden Inn Construction Financing
DALLAS, TX, August 23, 2006. First American Realty Associates, LLC has finalized a $12,000,000 construction/mini-perm loan on the to-be-built 126-room Hilton Garden Inn & Conference Center in Lynchburg, Virginia. The 80% loan-to-cost financing program is interest-only during the first half of the 5-year term. The Hilton-franchised Lynchburg property is the 508th hotel financed by First American Realty and is scheduled to open as the 429th in the Hilton Garden Inn network.
Cameron J. Larkin, Senior Vice President of Business Development for First American Realty, arranged the financing on behalf of the sponsorship entity, Ward's Road Corridor, LLC. This is the eighteenth hotel development for sponsor and contractor Scott McAllister of Helm Builders, LLC of Apex, NC. Other sponsors in the project are Norris D. Blanks of Washington DC and Robert Bruce Johnson of Lynchburg, VA.
The property is located in the heart of existing and major new retail/commercial area developments, as well as being adjacent Liberty University, Lynchburg Airport, and major junction interchanges of routes 460 and 29. The hotel will be managed by Destination Hospitality, of Virginia, LLC, owned and operated by the project sponsors and Suresh Mathur of Roebuck, SC.
"This deal was a rare example of a project that still pencils out extremely well in an environment of steadily increasing construction costs," said Larkin. "The Lynchburg market is thriving and desperately in need of this new upper end hotel product."
"Cameron took care of every financing detail, and our confidence in him allowed us to focus on other project areas, knowing he would resolve any unexpected issues or lender requests. We will again be working with him on our next upcoming hotel project, " said borrower Norris Blanks.
First American Realty Associates, LLC ( http://www.firstamrealty.com/) is a national hospitality firm that focuses exclusively on arranging hotel debt financing including construction, acquisition, refinancing, renovation, and repositioning/conversion loans. Founded in 1976, with offices in Fairfield, NJ and Dallas, TX, the firm has financed 508 hotels across 44 states totaling $2.03 billion. The firm's licensed professionals have 48 years combined hospitality and financial services experience.
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