First American Realty Associates secures construction and permanent loan funding for the proposed Conference Center at the Brookstown Inn in Winston Salem NC
Joe Epstein, President of First American Realty Associates, nationwide specialist in hotel financing, is pleased to announce that he has secured construction and permanent loan funding in the amount of $4,550,000 on the proposed Conference Center at the Brookstown Inn located at 126 Brookstown Avenue just south of the Central Business District near the Old Salem historic area in Winston Salem, North Carolina.
The state of the art Conference Center will be owned by the principals of the adjacent historic Brookstown Inn (which was also financed by First American Realty) and will be operated by Southeastern Hospitality of Clemmons, North Carolina.
The free standing state of the art conference facility will be equipped to handle corporate, association and social functions. The building will include 2 large conference rooms on either end and 11 conference and breakout rooms. Corporate functions will include various types of conferences, business meetings and training sessions sponsored by various corporate entities. Association business includes various fraternal organizations, groups such as the Realtors Association, and other professional organizations with local and regional meetings. Social functions include weddings, reunions and special interest shows.
Despite the horrific state of the economy, capital markets and the hotel industry as depicted by the mass media, financing has been, is and will continue to be available to fund good deals. Local and community banks, regional insurance companies, finance companies and the SBA have continued to lend money and have stepped in to take up the void created by the exit of CMBS lenders, Wall Street brokerage houses and large money center banks that played in the subprime lending arena.
"We were able to consummate this loan as a result of the reputation and expertise of the borrower who owns and operates several other hotels and another conference center in the region."
First American Realty has now financed 521 hotels in 44 states
Joseph (Joe) Epstein