Dealmaker: Hall Structured Finance Originates $17M Construction Loan for Arizona Hotel

(Rendering credit: Overland Development, provided by Hall Structured Finance)

Hall Structured Finance, Dallas, originated $17.4 million for the development of a Candlewood Suites by IHG hotel in Mesa, Ariz.

The owner, Overland Development, is a real estate development, construction, management and capital company based in Lehi, Utah.

The extended-stay hotel will feature 108 rooms and is part of a 12-acre mixed-use development in Mesa, a city in the Phoenix metropolitan area.

“This loan for Candlewood Suites is the second loan we’ve closed this quarter on a hotel development in Mesa,” said Hall Structured Finance Vice President Brad Ferguson. “The city’s growing popularity, driven by its sport, art and outdoor attractions, and proximity to Phoenix and Scottsdale, reinforces our confidence in the success of the Candlewood Suites development.”