How our Commercial Banking team turned a complex deal into a win-win …win
Developer dpM Partners had a breakthrough plan to build a hotel and conference center that would help invigorate downtown Harrisonburg – while also providing an amazing “laboratory” for students at James Madison University’s Hart School of Hospitality to gain valuable hands-on experience in their chosen field.
Moving forward with the plan required the experience and expertise of bankers with the connections and finesse required to connect two public entities – the City of Harrisonburg and James Madison University – with the private developer. Although it was clearly a win for all involved, it was far from the typical commercial banking transaction. Fortunately, dpM Partners had Atlantic Union Bank’s Greg Godsey and Dave Clelland in their corner.
Their partnership began in 2016. Greg, Dave and the team at Atlantic Union Bank jumped in to arrange financing and finalize all the details. By working closely with dpM Partners, the James Madison University Foundation, James Madison University and the City of Harrisonburg, the project came to fruition.
To accommodate the unique components of the project, Atlantic Union Bank financed two loans – the first to dpM Partners to build the hotel and the second to the James Madison University Foundation to construct the conference center.
“There’s no question this was a unique and complex arrangement,” says dpM Partners CEO Paul Gladd. “Dave and Greg showed great patience in getting this deal across the finish line.”
And now the seven-story, 230-room Hotel Madison and Shenandoah Valley Conference Center has local, regional and national conferences booked through 2021. It’s also become a favorite home away from home for families visiting JMU – and a place where hundreds of JMU students have gotten hands-on experience that gives them a real edge when entering the employment market.
Looking for a bank that’s equally at home with unique challenges and day-to-day operations? Give us a call at 540-568-2080.