Franklin Savings Bank & Georgetown Savings Bank Provide $5.25 Million Loan To Roedel Companies & Alta Properties

Funds helped finance the transformation of the Clarion Hotel to the new Falls Center and La Quinta Inn and Suites

Franklin Savings Bank and Georgetown Savings Bank closed on a $5.25 million development loan to Germania Front, LLC, a joint venture partnership between Alta Properties and Roedel Companies. The multi-million dollar loan helped finance the renovation of the former Clarion Hotel to The Falls Center and La Quinta Inn and Suites which opened to the public on March 8, 2012. An 11,000 square foot restaurant and conference center is still being finalized.

Located at Amoskeag Falls, The Falls Center and La Quinta Inn and Suites was designed as a sister property for Roedel’s award winning Hilton Garden Inn. The La Quinta Inn and Suites features 109 guest rooms, business center, meeting space, fitness room and outdoor swimming pool. It also offers free high-speed internet and continental breakfast for guests.

Partner of Roedel Companies, David Roedel, explained that the investment by Franklin Savings Bank and Georgetown Savings Bank allowed the organization to rejuvenate a prominent gateway into Manchester and provide those visiting the Queen City a completely revitalized hotel option.

“The loan provided the significant financial piece we needed to redevelop this property and improve the building’s overall functionality,” stated Roedel. “We appreciate the investment Franklin Savings Bank and Georgetown Savings Bank made to this project.”

“Thanks to our financial partnerships, we were able to meet our original objective of producing a brand new hotel from a property that was underutilized for years,” stated Kathleen Joyce Kusiak, Managing Partner, Alta Properties LLC. “With its contemporary architecture and interior design, the La Quinta Inn and Suites offers guests quality accommodations at an exceptional price value.”

The Manchester Development Corporation also provided a $500,000 development loan to Germania Front, LLC for the project.

About Alta Properties

Alta Properties, LLC is a real estate developer and investor that focuses on value added real estate opportunities in the New England Area. Alta Properties develops properties across all major asset classes. In order to maximize returns, Alta Properties typically partners with experienced operators and developers who have expertise with a specific property type.

About Roedel Companies

Roedel Companies maximizes free cash flow and return on investment for hotel owners and investors. The organization has 45 years of experience developing, constructing, managing and designing hotels for its own account and third parties through its subsidiaries RGH Hospitality and ROK Builders.  Roedel Companies offers but is not limited to hotel development, construction, pre-opening and management.

In addition, Roedel Companies owns and operates nationally branded hotels primarily in the select service segments throughout the eastern United States.  Their properties include the Hilton Garden Inn Manchester and a growing portfolio of nationally branded, select service hotels including other Hilton Garden Inns, Hampton Inn & Suites, Holiday Inn Express & Suites and La Quinta Inns & Suites.

For more information, visit www.roedelcompanies.com or call David Roedel at 603-654-2040, ext. 106.

About Franklin Savings Bank

Franklin Savings Bank, a mutual savings bank, has provided loan, deposit and investment services to Central New Hampshire since 1869.  The bank has a new Mortgage and Commercial Lending Office on South River Road in Bedford in addition to full service offices in Franklin, Bristol, Boscawen, Tilton, New Hampton, Laconia and Gilford with all deposits insured up to the allowable limits by the Federal Deposit Insurance Corporation.  Investment, insurance, and financial planning services are offered through Independence Financial Advisors, its wholly-owned subsidiary. Franklin Savings Bank can be reached at (603) 934-4445, toll free at (800) 372-4445, online at www.fsbnh.com, or on Facebook at facebook.com/franklinsavingsbank.

About Georgetown Savings Bank

Georgetown Savings Bank, with branch offices in Georgetown, North Andover and Rowley, is committed to making a positive difference in the communities it serves. The bank strives to deliver exceptional personal services at all times and to help each of its customers achieve their unique financial goals through a competitive array of commercial and consumer banking serves. To learn more about Georgetown Savings Bank, please visit www.georgetownsb.com,or call 978.352.8600.