- By Tribal Business News Staff
Jamul Indian Village Development Corporation announced last week that it closed on a $515 senior credit facility led by KeyBanc Capital Markets, Inc.
The Jamul, Calif.-based enterprise of the Jamul Indian Village of California said it would use the facility to refinance existing debt and fund construction of a tribal hotel at its namesake casino. Jamul Indian Development plans to construct a new 16-story hotel with 200 rooms, including 52-suites, as well as restaurants, banquet facilities and hotel amenities.
The transaction and expansion of Jamul Casino will also allow the tribe to focus on its “long-term financial stability and new projects,” according to the tribe’s chairwoman, Erica M. Pinto.
Procopio, Cory, Hargreaves & Savitch LLP provided legal counsel and SA Investment Group worked as financial advisor for Jamul Indian Development Corp.
Several other lenders joined KeyBanc in the syndicate, including Western Alliance Bank, Nevada State Bank, U.S. Bank, PNC Bank, CIT Bank, and Columbia State Bank.
This is the tribe’s third significant financial transaction over the past three years, according to a statement. The tribe refinanced their property in January 2021 and again in February 2022.