Knighthead Funding Originates $8.5 Million Loan to Complete Construction of Holiday Inn & Suites Near Savannah, GA

Knighthead Funding | November 6, 2018

Greenwich, CT (November 6, 2018) -- Knighthead Funding, LLC has funded an $8.5 million construction loan for the completion of a 104-room Holiday Inn & Suites in the Savannah submarket of Pooler, GA. The sponsor, a Georgia-based hotel development and management company whose portfolio currently includes flags such as Hilton, Marriott and Holiday Inn had funded the entire development with all equity prior to Knighthead's involvement. Due to liquidity constraints, the Sponsor needed a creative source of capital to get comfortable in funding a project that was approximately 50% completed. The Greenwich, CT-based lender was able to reco...