News

Private lender Hall Structured Finance closed a new first lien loan totaling $17.3 million to fund the construction of a Charleston, S.C. Cambria Suites.

The development group, including Anthony Patel and Nick Patel of Pride Management, has obtained a $22.8 million loan for the long-vacant building from Dallas-based Hall Structured Finance, the companies announced. Renovation of the 16-story high-rise is targeted for completion by March 2019.

While banks are more stringent with lending for hotel construction projects, this doesn’t signal a complete halt in development. Private and alternative lending sources, entering secondary and tertiary markets, and eyeing modular off-site building are paving the way for continued hotel development where speed-to-market without sacrificing quality and a quicker ROI are the worthwhile rewards.

Hall Structured Finance 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, Ariz. Suky and Jas Khangura, co-owners of Khangura Hotels, are the project developers.

Dallas-based Hall Structured Finance (HSF) has closed a new, $26-million, first-lien loan to finance the construction of the Park James Hotel in Menlo Park, CA.

HALL Structured Finance, the Dallas-based lending branch of HALL Group, has taken full advantage of the mini-vacuum of institutional lender hesitancy.