Dealmaker: Hall Structured Finance Lends $50M

Hall Structured Finance, Dallas, closed $50.1 million in construction loans for hotel and multifamily properties.

In Alpharetta, Ga., HSF lent $14.6 million for a new EVEN Hotel. The proposed six-story, 132-room EVEN Hotel–the first in Georgia–will stand across from the new $600 million mixed-use Avalon development, which includes 570,000 square feet of retail and restaurants and 750,000 square feet of Class-A office space.

Epelboim Development Group LLC CEO and President Noel Epelboim is the project’s sponsor and developer; InterContinental Hotels Group is project manager and joint venture partner.

Hall Structured Finance President Mike Jaynes said the strong business climate and growth taking place in Atlanta’s northern suburbs made the opportunity appealing.

The new hotel–set to open in third-quarter 2019–will be within 10 miles of several major hospitals and other employers including InterContinental Hotels Group U.S. headquarters.

Hart Capital Partners CEO Tanya Hart Little and Senior Vice President Jessica Reyes arranged the financing.

HSF also closed a new first lien loan totaling $35.5 million to construct The Vantage multifamily high-rise in St. Petersburg, Fla. The property will include 211 Class-A high-rise rental units in 11 stories. Apartments will average 630 square feet.

DevMar Development, Bingham Falls, Mich. expects to complete the asset in September 2019.

“Diversification is a big focus of ours this year, as we have primarily focused on hotel financing over the past several years, and The Vantage presented us with the opportunity to finance the construction of a high-quality multifamily project in a growing market,” Jaynes said. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.”

Q10 Lutz Financial Services Senior Analyst Mike Lemon and Managing Director Matt Shane arranged the financing.