Dealmaker: Hall Structured Finance Closes $72M in Construction Financing

Hall Structured Finance, Dallas, closed $71.7 million in construction financing for a Colorado hotel and a Florida apartment property.

Springhill Suites/Element Hotel. Image courtesy of Hall Structured Finance

In downtown Colorado Springs, HSF closed a $55.6 million first lien construction loan for a dual-flag Springhill Suites/Element Hotel. Olive Real Estate Group, Colorado Springs is developing the project.

Paramount Capital Advisors Managing Director John Pascal brokered the deal.

“Colorado Springs has shown tremendous growth as one of the most populous and fastest-growing cities in the state.” said Mike Jaynes, HSF President. “This hotel development will be the first Marriott extended-stay option in downtown Colorado Springs.”

In St. Petersburg, Fla., HSF closed a $16.1 million first lien construction loan for The Metro, a 100-unit seven-story apartment property. Steven Siegel, Vice President of Q10 Lutz Financial Services, sourced the financing.

DevMar Development, St. Petersburg, is developing The Metro and also RainDance Apartments in Winter Haven, Fla.