DALLAS, Oct. 9, 2017 /PRNewswire/ -- Dallas-based HALL Structured Finance (HSF) announced today that the company has closed a new first lien construction loan totaling $26 million to finance the construction of the Park James Hotel in Menlo Park, California. The 61-key boutique hotel is being developed by California-based Pollock Realty Corporation and is expected to open in May 2018.
"The Park James Hotel presented us with the opportunity to finance a high-quality, luxury boutique hotel product that is in high demand in Menlo Park, minutes from Stanford University and the headquarters of some of the world's most influential companies in neighboring Palo Alto," said Mike Jaynes, President of HALL Structured Finance. "The hotel market in Menlo Park is currently very strong and we are confident that the Park James will be a great success when it opens next May."
Upon completion, the Park James Hotel will feature a California craft kitchen restaurant concept, Oak + Violet, along with a lobby bar, a landscaped courtyard to accommodate outdoor meetings and events, and 1,200 square feet of indoor meeting space. Orange County-based Broughton Hotels, a leader in the boutique hospitality industry, will manage the hotel and provide a luxurious and personalized guest experience enhanced by hi-touch technology.
"The Park James Hotel will offer travelers sophisticated, upscale accommodations with a unique local influence and culture. Guests can walk to nearby downtown Menlo Park or easily access any of the top Silicon Valley businesses," said Jeff Pollock, Sr. Vice President of Pollock Realty Corporation. "We believe the Park James will be a great addition to the City of Menlo Park, and we are pleased that HALL Structured Finance recognized our vision for the project and provided the necessary capital to complete the project."
HSF has now closed construction loans across the country in excess of $160 million in 2017. This is the third construction loan that HSF has closed in California this year, having just closed a $42 million loan to develop two Cambria Suites in Napa Valley and Sonoma County.
The HSF loan 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, including providing construction financing for hotels, multifamily, student housing, condominium and speculative office development throughout the United States.
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. For more information, visit hallstructuredfinance.com.
SOURCE HALL Structured Finance