USRC originates $31 million construction financing for 200 suite hotel with 38,500 s/f indoor water park in Queensbury

The Atlantic Northeast office of U.S. Realty Capital has originated a $31 million construction/mini-perm loan for a 200 suite hotel and indoor water park. A joint venture of existing clients and a national entertainment company needed a construction/mini-perm loan for this $40 million project in a tertiary market for a 200 suite hotel with 38,500 s/f water park. The unique nature of an all-suite hotel with an indoor water park was quite a challenge; however, USRC was able to place the loan with a Midwest lender that specializes in assembling consortiums of banking entities, each taking a pari-passu position, limiting individual bank loan risk. USRC used increased land value and developer and contractor profits as in-kind equity infusions, thereby eliminating the need for cash equity contributions.