EKN Development And Garn Development Secure $67.1 Million Loan For Dual-branded Hotel In Sand City

EKN Development and Garn Development have secured $67.1 million in financing for a 215-room dual-branded hotel in Sand City, Northern California. The development site spans 139,660 square feet and is situated in a prime location within the market. The project, facilitated by JLL Capital Markets, will feature a Courtyard by Marriott with 127 rooms, a Residence Inn by Marriott with 88 rooms, meeting space, a resort-style pool courtyard, and an independently branded restaurant and bar.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $67,100,000
• Lender: HALL Structured Finance
• Landlord: Ebbie K. Nakhjavani - EKN Development ; Kevin Garn - Garn Development
• Broker: JLL

The financing for this project was provided by HALL Structured Finance, with Cory Jubran representing Nuveen Green Capital as part of the lending process. Ebbie K. Nakhjavani from EKN Development and Kevin Garn from Garn Development serve as the landlords for this venture. JLL played a significant role as the broker in facilitating this transaction, bringing together the lenders and landlords to secure the necessary funding for this ambitious hotel development.