Dealmaker: Hall Structured Finance Closes $74M for Hotel, Multifamily Assets

Hall Structured Finance, Dallas, closed $74.1 million in bridge and construction financing for assets in Oregon and Colorado.

In downtown Portland, Ore., HSF closed a $51.1 million bridge loan to refinance and renovate the Benson Hotel.

Property owner Coast Hospitality LLC, Seattle, purchased the hotel more than 30 years ago. Coast plans to convert the 287-room hotel to a Curio Collection by Hilton. Hotel Management magazine reported the conversion will include updates to the property’s lobby and other common areas.

Hilton Worldwide’s Curio collection includes more than 100 upscale hotels worldwide, each designed to reflect its local environment.

HSF also closed a first-lien construction loan totaling $23 million for 55 Resort Apartments in downtown Greeley, Colo. Dallas-based Edison Equity Management Corp. is developing the 55-plus age-restricted property where a Ford car dealership once stood. The property will include an Austin’s American Grill restaurant.

Pando Cos. Inc. Founder and CEO Amir Giryes arranged the 75 percent loan-to-cost non-recourse financing.     

HSF President Mike Jaynes noted the property will cater to people planning for retirement, downsizing or move closer to their families. “We think it will be very well-received by prospective residents,” he said.