Cision PR Newswire
GreenLake Funds $18,500,000 Construction Loan for a 111-Room Independent Boutique Hotel in Atlanta, GA
News provided byGreenLake Asset Management LLC
Jan 25, 2022, 8:54 AM ET
ATLANTA, Jan. 25, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $18,500,000 construction loan for an independent boutique hotel in Atlanta, GA. The Curator Hotel will feature 111 rooms and provide guests visiting the Old Fourth Ward district and fast-growing Ponce City Market neighborhood with a uniquely curated lifestyle experience.
The sponsor, a self-made and experienced hotel owner and manager in the region, sought funding from GreenLake after the original lender backed out midway through construction. GreenLake's loan will enable the borrower to complete construction and deliver a more upscale product than originally called for.
Peter Chang, Managing Principal at GreenLake stated, "While traditional lenders are still hesitant to fund hotel development projects in dense urban areas, we believe in this opportunity to fund a unique boutique hotel in a rapidly growing section of Atlanta. The demand for curated hotel experiences in the Ponce City Market area is unparalleled and will only continue to grow for both commercial and transient consumers visiting the neighborhood on work and holiday travel."
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
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SOURCE GreenLake Asset Management LLC