ATLANTA--(BUSINESS WIRE)--Bay Point Advisors, LLC has funded a $9.5 million construction and FF&E loan to PCB Haven, LLC. The borrower is under construction on a 4-story, 84-room Comfort Inn & Suites located at 17701 Panama City Beach Parkway, Panama City Beach, FL. The site is 2.25 acres and proposed improvements consist of a 45,000sf interior corridor hotel with lobby, business center, breakfast area, fitness center, and swimming pool. The previous lender stepped away from the deal due to concerns about potential impacts from COVID-19. “We’re pleased to be able to provide capital to the hospitality industry at a time when banks are tightening lending criteria, suspending new loans, or avoiding the sector altogether, leaving developers with few options,” said Bay Point President, Charles Andros. PCB Haven, LLC anticipates completing construction and opening within 12 months.
About Bay Point Advisors
Established in 2012, Bay Point Advisors LLC is a privately held firm based in Atlanta, Georgia specializing in customized, secured lending solutions across real estate and other industries, including entertainment, aviation, and natural resources. Since its inception, Bay Point Advisors has originated over $500 million of privately negotiated loans. For more information, please visit www.bay-pointadvisors.com.
