(For more retail coverage, click GlobeSt.com/RETAIL and toread more on the debt and equity markets, click here.)
LYNCHBURG, VA-Ward's Road Corridor, LLC has received a$12-million construction loan to begin work on a 126-room HiltonGarden Inn & Conference Center here. Brokered by First AmericanRealty in Dallas, the 80% loan-to-cost financing program isinterest-only during the first half of the five-year term.
Sponsors of the project include contractor Scott McAllister ofHelm Builders, LLC of Apex, NC, Norris D. Blanks of Washington, DCand Robert Bruce Johnson of Lynchburg. Once complete, the hotelwill be managed by Destination Hospitality, of Virginia, LLC, ownedand operated by the project sponsors and Suresh Mathur of Roebuck,SC.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
