$3,400,000 | Smyrna, GA
CRONHEIM HOTEL CAPITAL SECURES $3,400,000 FOR COMFORT INN & SUITES SMYRNA, GA
David Turley, Janet Proscia and Jeffrey Pacailler arranged financing totaling $3,400,000 for the Comfort Inn & Suites Galleria Smyrna, approximately 15 minutes northwest of downtown Atlanta. The 10-year loan was structured with a 30-year amortization schedule and executed via CMBS, which provided the Borrower with maximum proceeds.
Cobb County is benefitting strongly from Atlanta’s growth and the Galleria submarket has been a top performer. Most notably, the new Atlanta Braves stadium is scheduled to open in 2017 and expected to draw significant demand, and further development, to the market. The Comfort Inn & Suites is well positioned to capture this new demand.
“This represents our third closed transaction in the Atlanta market in the last twelve months”, commented Janet Proscia. “Although we are working on deals nationwide, our knowledge of the hotel market in the Atlanta metro is particularly strong. The northwest area of Atlanta is seeing tremendous growth and development, and being able to get a lender to lean into that was key to our success.”