Private lender Hall Structured Finance closed a new first lien loan totaling $17.3 million to fund the construction of a Charleston, S.C. Cambria Suites. A joint venture between RREAF Holdings and Upland Lodging is sponsoring the 126-guestroom development, which began in October and is set for an early-2019 opening.
The four-story hotel will be developed on a nearly three-acre site close to Charleston's historic downtown district and the College of Charleston. It will be added to Cambria Hotels & Suites's portfolio of 25 properties open across the U.S. Another 30 hotel projects are in the pipeline and under development in the U.S. and Canada under the brand, which is fully backed by Choice Hotels International.
Prior to this closing, HSF closed its first loan in Arizona--a new first lien loan of $17.3 million to fund the development of the Residence Inn by Marriott in Mesa, Ariz. on Oct. 18. Suky and Jas Khangura are the project developers of the new 127-room hotel. The four-floor property will be near the Mount Vista Medical Center and the city's tech corridor. After this closing, the lender closed $180 million in construction loans for the year.
On Oct. 9, the lender closed a new first lien loan totaling $26 million used to the fund the construction of the Park James Hotel in Menlo Park, Calif. Developed by Pollock Realty and managed by Broughton Hotels, the 61-room property is scheduled for a May-2018 opening. HSF plans to close more than $300 million by the end of 2017.