ALBANY, NY— True North Development Group has secured a $6.3-million loan that it will now use to convert an assisted living center here into a 106-key TownePlace Suites by Marriott hotel. GE Capital Solutions, Franchise Finance provided the interest-only loan. The seven-story assisted living center has been vacant for three years. It is slated to reopen as the TownePlace Suites in late spring or early summer. The hotel will act as a buffer between industrial and residential areas and is part of the local Industrial Development Agency incentive program that’s designed to create new jobs and revenue for Albany.
