$8,100,000 | Conyers, GA
CRONHEIM HOTEL CAPITAL SECURES $8,100,000 FOR COURTYARD ATLANTA CONYERS
David Turley, Janet Proscia and Jeffrey Pacailler arranged financing totaling $8,100,000 for the Courtyard in Conyers, GA, approximately 30 minutes east 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 cash-out proceeds.
The Borrower acquired the property out of bankruptcy in 2013 as a partially completed Best Western Plus after the original developer ran into financial difficulty. As one of the most active hotel developers in the Atlanta metro, the Borrower was able to successfully complete the development and secure the Courtyard flag. The Conyers market represents a high-growth corridor of Atlanta, with a number of manufacturing and distribution firms located nearby.
“The successful execution of this transaction is a strong testament to the strength of our relationships in the market,” commented David Turley. “We worked closely with the lender, appraiser and other third parties to advocate for the value the Borrower brought to the transaction through their REO acquisition and the Marriott flag. This allowed us to achieve the best execution possible even with the short ownership period, limited operating results and cash out above cost basis.”