Dealmaker: Hall Structured Finance Closes $76M in Hotel Loans

Hall Structured Finance, Dallas, closed a $53 million construction loan to expand and redevelop CopperWynd Resort in Scottsdale, Ariz. into the Autograph Scottsdale Resort.

Upon completion, the currently 32-room asset will become a 177-room resort flagged as a Marriott Autograph property. CopperWynd CEO Bill Hinz is redeveloping the resort and plans a fourth-quarter 2019 reopening.

Amenities in the existing resort property in the McDowell Mountains include a full-service spa, 26,500 square feet of common areas and two pools with a pool café. As part of the redevelopment plan, the existing 32 rooms will be refreshed and 145 new rooms and 12,000 square feet of meeting space will be added to the resort.

HSF also closed a $23 million first lien construction loan to construct a Hampton Inn & Townhomes in Watsonville, Calif. The sponsorship included Watsonville businessman Sonny Tut and his two sons.

“Watsonville and the surrounding area is projected to see increasing growth as a growing number of residents are moving to the area to escape the high costs of the Bay Area,” said HSF President Mike Jaynes. “The townhomes will bring much-needed new residential to the area and the Hampton Inn will be Watsonville’s highest-quality hotel, with both benefitting from their location on Highway 1.”

Cronheim Mortgage CEO Andrew Stewart and The Hadley Group LLC Principal Hadley Pressman sourced the financing for the project.

HSF has now closed more than $160 million in construction loans in 2018, with an additional $174 million in the closing process.