Record Rural Development Loan to Spur Expansion, Job Growth
ATLANTA (July 9, 2013) – Davis, Pickren, Seydel & Sneed, LLP (www.dpsslegal.com) of Atlanta has assisted in the negotiation and closing of $25 million in loans for the construction of a 200-room, convention-class, full-service Westin Hotel for a scheduled opening in September 2014 on the beachfront of Jekyll Island, Georgia.
Davis, Pickren, Seydel & Sneed partner Terry Pickren represented the lender, PNC Bank.
The deal included two separate USDA Rural Development loans totaling $15 million, making it one of the largest projects in Georgia guaranteed by federal funds for rural areas. The federal program was launched to generate and promote economic development in rural areas by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
“We are proud to have been able to play a role in this crucial project,” said Mr. Pickren. “It will bring immediate as well as long-term economic expansion to the coast of Georgia.”
Ten million dollars of the $15 million in Rural Development loans was secured for construction of the beachfront resort. Another $5 million was secured for equipment and furnishings. The remaining $10 million came in the form of a conventional loan.
“Rural Development’s participation in this project is just one of many ways that USDA expands economic development and employment opportunities across rural communities,” said Quinton Robinson, Rural Development State Director.
Mr. Pickren and his firm frequently represent lenders on projects that qualify for government guaranteed loans, including USDA Rural Development, SBA 504, and SBA 7(a) loans.
Over the past 10 years Davis, Pickren, Seydel & Sneed has closed over 140 Rural Development loan transactions totaling more than $500 million. In each of the past 5 years, the firm has closed more than $300 million in SBA loans.
The economic impact of the Westin to Jekyll Island, Brunswick, and Glynn County will be evidenced by a projected 115 new hotel jobs and in excess of 300 construction jobs.
Jekyll Island officials have projected that construction and development of the project will yield an economic benefit of $47 million to the state, with $37 million of that going to the local Glynn County economy.
This project marks a critical milestone toward the completion of the Jekyll Island Revitalization Project on Jekyll Island. The Jekyll Island Authority is in the process of developing the retail village to be located between the existing Jekyll Island Convention Center and the Westin Hotel.
LEED design elements, coupled with the Westin brand room designs which are 60 percent more sustainable than earlier iterations will ensure that the hotel will minimize its impact on the environmentally sensitive barrier island and meet guests’ desires for a more healthful hotel experience.
About Davis, Pickren, Seydel & Sneed, LLP
Founded in 1976, Davis, Pickren, Seydel & Sneed, LLP (www.dpsslegal.com) is an Atlanta-based law firm specializing in corporate, commercial lending, litigation, real estate and sustainability law. The firm is committed to providing clients with the depth of expertise and the resources expected of large firms without sacrificing the responsiveness and personal attention typically found in much smaller firms. Davis, Pickren, Seydel & Sneed, LLP, attorneys operate as a unit to provide prompt, responsive and high quality legal services. This approach ensures that appropriate resources within the firm are allocated to address each client’s issues in a timely and comprehensive manner.
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Contact:
Philip Hauserman
The Ledlie Group for Davis, Pickren, Seydel & Sneed, LLP
Ph: 404.266.8833
E: philip.hauserman@theledliegroup.com