GreenLake Funds $77,000,000 Construction Loan for Marriott Portfolio in Flagstaff, AZ; Tracy, CA; and Greeley, CO
FLAGSTAFF, Ariz. and TRACY, Calif. and GREELEY, Colo., May 18, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $77,000,000 ground-up construction loan for three Marriott affiliated properties in Flagstaff, AZ; Tracy, CA; and Greeley, CO.
The TownePlace Suites in Flagstaff, AZ will be an extended-stay hotel offering 94 units. The property is directly along Route 66 and adjacent to downtown Flagstaff, giving the hotel a very desirable location.
A second TownePlace Suites in Tracy, CA will feature 108 rooms located at a busy intersection along Interstate 205. Situated near Northern California's largest industrial thoroughfares, Tracy is a burgeoning hub for industrial businesses catering to the San Francisco, Silicon Valley and Sacramento markets. The region also benefits from leisure traffic due to its proximity to the San Francisco Bay Area and Yosemite National Park.
The 110-room Residence Inn in Greeley, CO is ideally located near U.S. Highway 34 and 30 miles east of the Rocky Mountains. Upscale accommodations and modern amenities will give this hotel a competitive edge against outdated competitors in the region.
Peter Chang, Managing Principal at GreenLake stated, "The sponsor is an experienced hotel developer, owner and operator, and is a significant Marriott franchisee. He has a proven track record and we have built trust with him through prior deals. All three sites are permitted and ready for development in great locations with high barriers to entry. This deal enables the sponsor to expand his presence in the Rocky Mountain and Southwest regions."
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.
Contact:
Kamau Coleman
Director, Originations
626.529.1084
[email protected]
Adam Frank
Vice President, Originations
646.766.0288
[email protected]
Renee Volaric
Vice President, Originations
646.766.0286
[email protected]
SOURCE GreenLake Asset Management LLC
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