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EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe
Featured in the RE Business Online:
By in Arizona, Development, Hospitality, Loans, Western
July 19, 2022
TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe.
The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024.
Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.
This interview has been edited for clarity and brevity.
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