Albany Plans $1.5M Loan for St. Nicholas Hotel Redevelopment
City of AlbanyCity · Albany, GA- Disclosed value
- $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee
- From agendapacket
- Document date
- Sep 1, 2026
The 30-second brief
The City of Albany is slated to approve a Memorandum of Understanding and a $1,500,000 loan at 3.0% interest, funded through the Downtown Development Authority, with SOWEGA QOF One QOZB I, LLC to redevelop the historic St. Nicholas Hotel into a 26-room hotel with a restaurant and bar. The financing includes a 2% DDA fee and closing costs, with a 30-year amortization and a balloon payment due just before year twenty.
Sowega Qof One Qozb I LLC holds this financial services contract with City of Albany. Its other public contracts on record include work for Albany Utility Board.
Term as filed: Amortized over 30 years from Closing Date with balloon payment due the day before the 20th anniversary of Closing.
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Contract details
- Contract type
- Financial Services
- Amount
- $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee
- Document date
- September 1, 2026
- Term
- Amortized over 30 years from Closing Date with balloon payment due the day before the 20th anniversary of Closing
- Agency
- City of Albany
- Source document
- City of Albany Board of City Commissioners Agenda Packet 2026-09-01 (AgendaPacket)
Sowega Qof One Qozb I LLC's other public contracts
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Questions about this contract
Who was awarded the financial services contract by City of Albany?
Sowega Qof One Qozb I LLC was awarded this financial services contract by City of Albany, as recorded on September 1, 2026. The contract value is $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee.
How much is the Sowega Qof One Qozb I LLC contract with City of Albany worth?
The Sowega Qof One Qozb I LLC contract with City of Albany is valued at $1,500,000 DDA Loan at 3.0% interest plus 2% financing fee, covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a agendapacket record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in City of Albany Board of City Commissioners Agenda Packet 2026-09-01 (AgendaPacket), dated September 1, 2026 from City of Albany. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Sowega Qof One Qozb I LLC hold?
Sowega Qof One Qozb I LLC may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Albany currently buying?
Explore City of Albany's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.