Local Public Funds Come to the Rescue After A Low Project Appraisal

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BOWIE, MD–Columbia, Md.-based Hospitality Development Co. tasked Greenwich Group International, a real estate capital advisory firm with offices in Washington, DC, New York, San Francisco and Southern California, to secure capital to fund the development of the 144-room Courtyard by Marriott Hotel it is building at the entrance of the Melford business park here.

It was business as usual until the first trust lender’s appraisal came in surprisingly low. The client, it seemed, would have to fund the shortfall from equity. Understandably it didn’t want to do that so Greenwich tapped into funds earmarked for job creation that are available from local public sector entities, according to team leader Don Atchison.