Hall Structured Finance 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, Ariz. 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,” Mike Jaynes, president of Hall Structured Finance, said in a statement. “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 an 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 a 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,” Suky Khangura said in a statement. “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.