Hall Structured Finance closed a new first lien loan totaling $14.6 million to finance the construction of Georgia’s first Even Hotel in Alpharetta. The proposed six-story, 132-room Even Hotel will be located across from the new $600 million mixed-use Avalon development. Noel Epelboim, CEO and president of Epelboim Development Group, is the project’s sponsor and developer, and InterContinental Hotels Group will be the project’s manager and joint venture partner.
“The high quality of IHG’s Even Hotel product, the strong business climate and growth taking place in Atlanta’s northern suburbs and the trusted sponsorship with Noel Epelboim and his team all made this an ideal project for us to finance,” Mike Jaynes, president of Hall Structured Finance, said in a statement. “This is the second Even Hotel we have financed with Epelboim Development Group, and we believe that the addition of an Even Hotel neighboring Alpharetta’s Avalon development will be a great success.”
The new hotel’s location across from Avalon places guests within walking distance of upscale restaurants, bars and shopping. The hotel will also be located within five to ten miles of several of the area’s major hospitals and employers, including IHG’s U.S. headquarters. Set to open in the third quarter of 2019, the new-build construction hotel continues the expansion of the wellness-focused brand’s footprint in the Southeast, and marks the first location in Georgia.
“As the first Even Hotel product developed in the state of Georgia, the project’s location in close proximity to IHG’s headquarters and northern office will make it a flagship for the Even brand, ensuring the highest quality and innovative design,” Noel Epelboim, principal at Epelboim Development Group, said in a statement. “HSF understood this vision for the hotel and used their combined expertise in real estate and finance to help us secure this loan and move forward with the hotel’s development.”
Tanya Hart Little and Jessica Reyes with Hart Capital Partners arranged the financing for the loan closure.
This is the third construction loan HSF has closed in the Atlanta metro area and the second Even Hotel product the company has financed, the first being a $20-million loan to finance the construction of an Even Hotel in Miami. The company closed nearly $100 million in construction loans in 2018, and plans to close more than $500 million this year.
HSF also extended an 8-percent, Reg. A public income offering to raise $50 million in order to further expand its lending capacity to meet the growing demand for construction loans.