Dallas-based HALL Structured Finance closed a new first lien construction loan totaling $26 million to finance the construction of a new hotel in Menlo Park, Calif.
The new property is the 61-room Park James Hotel, which is being developed by California-based Pollock Realty Corporation. The property is expected to open May 2018.
Once open, the Park James Hotel will consist of a craft kitchen concept, and will include a lobby bar, landscaped courtyard and roughly 1,200 square feet of indoor meeting space. Broughton Hotels of Orange County will manage the property.
“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,” Mike Jaynes, president of HALL Structured Finance, said in a statement. “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.”
With the completion of this deal, HSF will have reached a total of $180 million in construction loans throughout 2017. The company provides gap and bridge financing to entrepreneurial real estate owners and developers for new construction, renovations or the repositioning of real estate projects, with an emphasis on the hospitality sector.
Broughton Hotels of Anaheim, Calif., was founded in January 2001 by Larry Broughton. The hospitality management company’s portfolio today includes more than a dozen hospitality projects throughout California and Chicago.