EKN Development Group and Garn Development announced that they secured a total of $67.1 million in construction financing for the development of the 215-key, dual-branded hotel, Marriott Courtyard Residence Inn in Sand City, Calif.
JLL represented the borrower and secured the first mortgage loan of $39 million from HALL Structured Finance, and Nuveen Green Capital provided a CPACE loan of $28.1 million.
The 139,660-square-foot building will include 215 guest rooms. The Courtyard by Marriott includes 127 guest rooms, and the Residence Inn by Marriott includes 88 rooms designed for the longer-stay guest. The development will feature 3,133 square feet of flexible meeting space and a spacious courtyard with a resort-style pool, cabanas and a fully equipped stage to accommodate live performances and events. The hotel will also include an independently branded restaurant and bar.
The property is located along the coast of Sand City. The property benefits from its prox
