DALLAS, April 11, 2018/PRNewswire/ -- HALL Structured Finance (HSF) announced today that the company has closed a new first lien loan totaling $14.6 million to finance the construction of Georgia's first EVEN™ Hotel in Alpharetta. The proposed six-story, 132-room EVEN™ Hotel will be located across from the new $600 million mixed-use Avalon development. Noel Epelboim, CEO and president of Epelboim Development Group LLC, is the project's sponsor and developer, and InterContinental Hotels Group (IHG) will be the project's manager and joint venture, partner.
"The high quality of IHG's EVEN™ Hotel product, the strong business climate and growth taking place in Atlanta's northern suburbs, and the trusted sponsorship with Noel Epelboim and his team all made this an ideal project for us to finance," said Mike Jaynes, President of HALL Structured Finance. "This is the second EVEN™ Hotel we have financed with Epelboim Development Group, and we believe that the addition of an EVEN™ Hotel neighboring Alpharetta's Avalon development will be a great success."
The new hotel's strategic location across from Avalon places guests within walking distance of upscale restaurants, bars and shopping. The hotel will also be located within five to ten miles of several of the growing area's major hospitals and employers, including IHG's U.S. headquarters. Set to open in the third quarter of 2019, the new-build construction hotel continues the expansion of the wellness-focused brand's footprint in the Southeast and marks the first location in Georgia.
"As the first EVEN™ Hotel product developed in the state of Georgia, the project's location in close proximity to IHG's headquarters and northern office will make it a flagship for the EVEN™ brand, ensuring the highest quality and innovative design," said Noel Epelboim, principal at Epelboim Development Group. "HSF understood this vision for the hotel and used their combined expertise in real estate and finance to help us secure this loan and move forward with the hotel's development."
Tanya Hart Little and Jessica Reyes with Hart Capital Partners arranged the financing for the loan closure.
This is the third construction loan HSF has closed in the Atlanta metro area and is the second EVEN™ Hotel product the company has financed, the first being a $20 million loan to finance the construction of an EVEN™ Hotel in Miami. The company has closed nearly $100 million in construction loans in 2018, and plans to close more than $500 million this year.
The company has also extended an 8 percent, Reg. A public income offering to raise $50 million in order to further expand its lending capacity to meet the growing demand for construction loans. For more information, visit http://www.hallstructuredfinance.com/income-offerings.
About HALL Structured Finance
HALL Structured Finance is an entrepreneurial, value-add direct private lender to the real estate industry. We specialize in providing capital for ground up construction, adaptive reuse, and major asset repositioning and renovations for commercial real estate projects throughout the U.S. The HALL Structured Finance lending program is designed to provide real estate owners, operators and developers with an alternative to bank financing, and is oriented to be a resource to projects that may be underserved by the institutional capital markets. For more information, visit hallstructuredfinance.com.
About EVEN™ Hotels
EVEN™ Hotels, the newest brand from IHG, meets the large and growing demand for a hotel brand to help wellness-minded travelers keep their balance on the road. An industry first, EVEN™ Hotels invites wellness on every journey by providing solutions for all aspects of travelers' wellness needs. With an emphasis on four components, Eating Well, Resting Easy, Keeping Active and Accomplishing More, the brand serves as a travel partner, helping guests feel better about their experience and themselves based on the choices they are able to make. The brand is expected to be a key pillar in the IHG portfolio of preferred brands. For more information, visit http://EVEN™Hotels.com/. Find EVEN™ Hotels on Twitter at https://twitter.com/EVEN™Hotels or Facebook at http://www.facebook.com/EVEN™Hotels.
DISCLAIMER: The material herein does not constitute an offer to sell nor is it a solicitation of an offer to purchase any security. Offers for the sale will only be made to investors who meet the suitability standards pursuant to the HALL Structured Finance II, LLC Offering Circular where permitted by law. Investments in the Debentures are not suitable for all investors. Investments may involve a high degree of risk and should only be considered by investors who can withstand the loss of their entire investment. Prior to purchasing any interest in the Debentures, prospective investors should carefully review the entire Offering Circular, including the "Risk Factors" section, and any supplements thereto. Investors should perform their own investigations before considering an investment in the Debentures and consult with their own legal and tax advisors.
SOURCE HALL Structured Finance
News Provided by Hall Structured Finance | Apr 11, 2018