GE Capital Solutions loans $6.3 million to True North Development for Albany hotel

To repurpose a former senior assisted living center, GE Capital Solutions, Franchise Finance loaned $6.3 million to the True North Development Group. The interest-only loan is being used to create a new Town Place Suites by Marriott extended stay hotel. The seven-story building set to house the new hotel was vacant for three years. The hotel acts as a buffer between industrial and residential areas and is part of the local Industrial Development Agency (IDA) incentive program to create new jobs and revenue for the city. When work is completed in late spring or early summer of 2008, the hotel will contain 106 rooms, breathing new life into the surrounding community and economy. "The unique relationship between True North and the IDA resulted in a complex deal-making process, but we kept our lines of communication constantly open and ended up with a deal that works for everyone," says Patrick Feltes, vice president, GE Capital Solutions. The recycling of the existing structure is standard for True North Development Group as they exclusively develop properties that help the environment and pride themselves on green building practices. The renovation and construction capitalizes on the trend of reusing abandoned or neglected buildings, making them into new, viable businesses. "GE Capital Solutions, Franchise Finance did a great job structuring and executing our deal," said Lee Browning, Jr. principal, True North Albany Extended Stay, LLC. "Not only did they walk us through the process, but we got to know their whole team and developed a strong relationship that will continue for years to come." True North Development Group is a leading developer and general contractor committed to environmentally conscious development practices. The group consistently provides superior value to its investors, owners, properties, and team members through knowledgeable, energetic, and assertive supporters, creating a collectively resourceful and profitable group. GE Capital Solutions, Franchise Finance is a leading lender serving customers in the restaurant, hospitality, branded beverage, automotive after-market, and power sports industries. It provides financing to help franchisees and franchisers grow, compete, and prosper. It offers access to capital through a diverse array of flexible financing options, including funds for purchasing real estate and equipment, new construction and remodels, acquisitions, and refinancing. GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $14 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. GE is Imagination at Work-a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.