Springhill Suites/Element Hotel

Colorado Springs, CO

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Transaction Details

The dual flag 261-room eight-story hotel in Colorado Springs is being developed by Olive Real Estate Group. John Pascal, Director of Paramount Capital Advisors, brokered the loan. 

$55.6 million first mortgage construction loan
Three-year term with two six-month extension options
Great location in downtown Colorado Springs

Unique Challenges

Project was under construction and approximately 40% complete. Needed to close with on-going construction.

The Solution

Created flexible loan structure and worked directly with borrower & general contractor to collect all appropriate documents for a smooth closing.

Deal Basics

  • location

    Colorado Springs, CO

  • loan amount

    $55.6 Million

  • claim type

    1st Lien

  • loan type

    Construction Loan

  • property type

    Hotel

“Colorado Springs has shown tremendous growth as one of the most populous and fastest-growing cities in the state, offering visitors an abundance of outdoor activities, sports and entertainment, and business opportunities. This hotel development will be the first Marriott extended-stay option in Downtown Colorado Springs and will provide guests with access to Marriott’s extensive loyalty program. All of these factors made this a great project for us to finance.”

Mike Jaynes | HALL Structured Finance

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