With three real estate loans totaling $26.75 million, Hall Structured Finance is on its way toward its goal of originating more than $100 million in new loans during the next 12 months. The three deals include a 128-room hotel in Long Island City, N.Y., a 118-room hotel in Charlotte, N.C., and a 14,600-square-foot retail center in Durham, N.C.
Mike Jaynes, president of Texas-based Hall Structured Finance, said loans for new hotel construction is a particular area of interest. “There continues to be a lack of liquidity from conventional financing sources for hotels in general and, more specifically, for hotel construction financing,” he said. “We think our financing and loan programs offer viable alternatives to borrowers in this area.
“We have continued to see an increasing number of promising loan opportunities over the course of this year and are encouraged that we can meet or exceed our origination goal over the next 12 months,” Jaynes said. “As examples, these borrowers provided us with credible and thoughtful business plans, they have completed similar projects in their specific market areas proving strong track records, and they are significantly committed financially.”
Hall Structured Finance is active across multiple product types across the United States and pursues entrepreneurial-style lending. The group recently established a regional office in California, headed by Matt Mumford, who relocated to the area.
Here are details on the three loan transactions:
• Wyndham Garden Hotel, Long Island City, NY; seven stories, 128 rooms; opened May 2012; $9.5 million, first mortgage, refinancing.
• Courtyard by Marriott Hotel, Charlotte, N.C.; 118 rooms, $10.05 million, first-lien financing, new hotel construction.
• Gateway Terrace Retail, Durham, N.C., 14,600-square-foot retail strip center, $7.2 million, first-lien financing, new retail construction.
