Property Type: Full Service Hotel and Conference Center Loan Amount: $2,716,000 Loan: Debt and Renovation Financing
Transaction Summary: Our client’s property was being negatively impacted by competition and the property required a substantial upgrade in order to remain competitive. Our clients was denied by over ten lenders and he had given up. Results: NYCL was engaged to evaluate the operation and to develop financing strategies. We recommended some internal changes which were implemented by the client and as a result we were able to demonstrate to a lender in California that the business could compete with the proposed upgrades. We thereafter secured a $2,716,000 loan that provided for $800,000 in improvements.