HALL Structured Finance Closes $17.3M Loan To Finance The Construction Of A Residence Inn By Marriott In Mesa
MESA, AZ HALL Structured Finance (HSF) announces that the company has 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, Arizona. Suky and Jas Khangura, co-owners of Khangura Hotels, are the project developers.
Residence Inn by Marriott in Mesa, Arizona
"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," said Mike Jaynes, President of HALL Structured Finance. "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 a convenient and 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 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," said Suky Khangura, co-owner of Khangura Hotels. "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.