HALL STRUCTURED FINANCE CLOSES $26.7M LOAN TO FINANCE THE CONSTRUCTION OF A HYATT HOUSE IN SACRAMENTO, CALIFORNIA

DALLAS – November 20, 2019 – Dallas-based HALL Structured Finance (HSF) announced today that the company has closed a new first lien construction loan totaling $26.7 million to finance the development of a Hyatt House in Sacramento, California. The new 128-room hotel is anticipated to open in 2021, and the project developer is Roger Hume, founder of Hume Development Inc.

“The hotel’s central location in the highly walkable midtown neighborhood in Sacramento will provide guests with easy access to the city’s thriving art and cultural scene,” said Mike Jaynes, President of HALL Structured Finance. “Sacramento continues to be a top-performing hotel market, and with the project’s strength of sponsorship and Hyatt’s strong loyalty and reward program, this was an ideal hotel for us to finance.”

The planned hotel features elements of both new development and adaptive reuse, as the façade of the historic Eastern Star Temple, originally constructed in 1928 as a meeting hall for a Masonic women’s organization, will be retained and house the hotel’s lobby, meeting spaces, breakfast area, bar and lounge. However, 90 percent of the hotel will be new construction. The Hyatt’s prime midtown location will provide guests with access to a 24-hour walkable urban neighborhood that offers fine dining, boutique shopping, entertainment and cultural festivities. The hotel is also located across the street from Sutter Medical Center, which recently completed a $1 billion expansion.

“My partner and I feel very fortunate to have this rare opportunity to create such an amazing property for the community. It is our sincere desire to pay respect to the great history the building has while creating a new vision for its future,” said Roger Hume, founder of Hume Development Inc.

Chris Chase, president of Chase Financial Corp, sourced the financing for the project.

HSF has closed seven loans in California since 2017 and has closed $300 million in loans in 2019. Given the company’s current pipeline, it is on track to close over $500M by year-end. This is the sixth Hyatt hotel development to which the company has provided a construction loan.

 

About HALL Structured Finance
HALL Structured Finance is an entrepreneurial, value-add direct private lender to the real estate industry, specializing in providing capital for ground up construction, adaptive reuse, and major asset repositioning and renovations for commercial real estate projects throughout the U.S. For more information, visit hallstructuredfinance.com.

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