The challenge was significant: A Casper business owner had two different types of properties on one parcel with no bank in the area stepping up to help with funding.
This went on for a year, marked by fits and starts, leads and disappointment. Here was a deal waiting to be done—with capital to be deployed and new jobs to be created – but there were obstacles that appeared to be impossible to overcome.
An Arizona-based commercial real estate lender, AVANA Capital, then stepped in and saw the big picture right away — an entrepreneur looking to grow, and an opportunity to help the community. The lender tapped its expertise, as it has with many similar deals-in-waiting, and put the pieces of the deal together when other lenders were too quick to dismiss this opportunity.
Now an extended-stay hotel known for its comfortable, spacious suites and a restaurant known as “America’s Diner” are coming to Casper.
A new Candlewood Suites and a Denny’s restaurant constructed on a high-visibility site on Interstate 35 thanks to financing provided for JJMCW Hospitality by AVANA Capital. In all, Candlewood Suites will have 81 spacious suites in the hotel, on approximately four acres. Work has already begun and the hotel opening is expected in approximately 10 – 12 months.
The owner, Narender Taneja of JJMCW Hospitality, worked with AVANA Capital to overcome the financing hurdles for the project and has tapped contractor Total Development to develop the site. JJMCW also owns other hotel properties in the area, including La Quinta Inn, Hampton Inn & Suites, Hilton Garden Inn, and is also building another Hampton Inn in Douglas.
The new facility will help provide Casper with much-needed extended stay, upgraded rooms. The suites feature kitchenettes and sitting areas that cater to guests staying for weeks and months, ideal for those working in the oil and gas industries.
The site will also help provide Casper with up to 60 new jobs. Denny’s will hire 30-40 employees and Candlewood will hire approximately 20. This adds to the almost 100 employees at the other properties owned and operated by Narender Taneja in the city.
In the $10.4 million project, the owner secured an SBA 504 Green Loan to construct its energy saving hotel, for which 30 percent energy savings is anticipated. These loans are commonly used to finance major assets such as equipment or real estate. The SBA 504 Green Loan program also allows for higher lending amounts for business owners who want to buy or upgrade commercial buildings and make them more energy efficient. It’s a point of pride for AVANA Capital to help businesses grow and expand with these funds.
“I’ve known AVANA a long time and they delivered once again,” said Narender Taneja, President of JJM Group Hotels. “This deal really is what this country is all about. You want to expand your business? You want to help a community’s economy? You find the tools you need to do it and you patiently put the pieces in place. That’s what AVANA helped us to do, as they saw the same potential in this project as I did and the whole AVANA team helped us execute. This project will lead to more jobs for the city and more options for those wanting to visit here for an extended period of time. It also means another great restaurant option for those who love American diners.”
More and more, business owners who are in need of funding across the nation are reaching out to AVANA Capital to help achieve the American dream. For example, for restaurant franchises, AVANA specializes in loans and helps clients and prospective borrowers looking to buy or refinance their commercial real estate space. Another example is for hotel franchises, where AVANA Capital leverages its vast expertise and experience in this complex process to guide and assist its clients throughout the lending process.
Since 2005, AVANA Capital has funded more than $600 million in loans that led to 9,000-and-counting new jobs created and saved in 30 states.
“It’s a good day when we help another entrepreneur achieve the American Dream,” said Sanat Patel, Managing Partner of AVANA Capital. “Because we were able to help, a new hotel will arise and a new restaurant, a win-win for Casper, which really needs an extended stay hotel. It’s also a good day when it means there will be more options for those who seek employment and this project will yield up to 60 new jobs, which is a welcome boost to any local economy. We’re thrilled to be a crucial part of this process and to help build a stronger community.”