HSF Closes $43.3M Loan to Finance the Construction of Springhill Suites in Boston

HALL Structured Finance (HSF) announced today that the company has closed a new first lien construction loan totaling $43.3 million to finance the construction of a Springhill Suites Hotel in Revere, Massachusetts, five miles outside of Boston. The new 168-room hotel, adjacent to the Wonderland train station, provides easy access to Boston’s International Airport and Central Business District. The project developer is a rapidly expanding North American hotel developer and operator.

“The hotel’s ample meeting space, oceanfront views and close proximity to Boston’s central business district will make it a desirable destination for both business and leisure travel,” said Mike Jaynes, President of HALL Structured Finance. “These factors, along with the backing of Marriott’s strong loyalty program, made this an ideal project for us to finance.”

Located along Revere Beach, the hotel provides clear views of the Atlantic Ocean and immediate access to Ocean Avenue. Amenities at this four-story hotel will include an indoor swimming pool, a fitness center, a 144-seat oceanfront restaurant, a Starbucks, a breakfast area sundry shop, a business center and a dedicated meeting space. All guests will also receive complimentary breakfast and internet access.

“We had a great experience working with HALL Structured Finance. Their flexible, tailored approach to financing our hotel development made this loan closure seamless, and we are looking forward to delivering this Springhill Suites to the Boston market,” said Lisi Gu, spokesman for the new hotel development.

Bill Carroll, President of 1 Financial Corporation, sourced the financing for the project.

HSF has closed over $150 million in construction loans in 2019, with plans to reach $400 million given the current pipeline.

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.