DALLAS, Oct. 16, 2017 /PRNewswire/ -- HALL Structured Finance (HSF) announced today that the company has closed a new first lien construction loan totaling $17.3 million to finance the development of a 127-room Residence Inn by Marriott in Mesa, Arizona. Suky and Jas Khangura, co-owners of Khangura Hotels, are the project developers.
"The location of the planned Residence Inn across from a major medical center and surrounded by Mesa's growing tech industry made this hotel a very attractive opportunity for us," said Mike Jaynes, President of HALL Structured Finance. "Marriott's Residence Inn product will be a great fit for the area's hospitality demand and growing medical and tech corridor."
The four-floor Residence Inn, located across the street from the Mountain Vista Medical Center, will provide a convenient and upscale extended stay option for guests wanting to visit Arizona's third largest city and experience the region's emerging medical and tech corridor. Amenities at the new hotel will include complimentary Wi-Fi, 800 square feet of meeting space, a fitness center, swimming pool and outdoor sports court.
"HSF worked diligently with us to creatively structure a loan which will help facilitate the completion of the hotel," said Suky Khangura, co-owner of Khangura Hotels. "We are looking forward to delivering this new amenity for Mesa and hope to work with HSF again in the future."
HALL Structured Finance has now closed $180 million in construction loans in 2017, with plans to close more than $300 million by the end of the year. This is the first hotel loan that HSF has closed in Arizona.
About HALL Structured Finance
HALL Structured Finance is an entrepreneurial, value-add direct private lender to the real estate industry. We specialize in providing capital for ground up construction, adaptive reuse, and major asset repositioning and renovations for commercial real estate projects throughout the U.S. The HALL Structured Finance lending program is designed to provide real estate owners, operators and developers with an alternative to bank financing, and is oriented to be a resource to projects that may be underserved by the institutional capital markets. For more information, visit hallstructuredfinance.com.
SOURCE HALL Structured Finance