PHOENIX—JLL Funds Marketplaces introduced that it has organized $24.5 million in construction funding for the growth of the twin-branded Fairfield Inn and TownePlace Suites, a 148-key, find-assistance lodge in Tempe, Arizona. JLL labored on behalf of the borrower, EKN Improvement Team, to safe the 3-calendar year, floating-amount financial loan by Corridor Structured Finance.
The four-story house will attribute 83 keys in the Fairfield Inn and 65 keys for TownePlace Suites. The dual-branded resort will provide a vary of facilities, including a restaurant, bar and lounge, gym, pool, very hot tub, and additional.
The hotel will be situated much less than a mile from the Arizona State College campus in Tempe at the southwest corner of East Rio Salado Parkway and South Smith Road. In addition, Fairfield Inn and TownePlace Suites will be 5.8 miles from the Phoenix Sky Harbor International Airport and is in 5 miles of practically 30 million square toes of office environment room. The website has accessibility to Routes 101 and 202, which give access to substantially of the Phoenix Metro spot. The assets is within going for walks length of an array of retail, eating, and entertainment solutions, which include Tempe Current market Put, Dave & Buster’s, Portillo’s Sizzling Dogs, Spinato’s Pizzeria, and a lot more.
The JLL Funds Markets staff representing the borrower was led by Senior Handling Director Jillian Mariutti, Director Robert Tonnessen, and Affiliate Phil Cadorette, with regional support delivered by Senior Director Carl Beardsley.
“JLL appreciates EKN Progress Group for providing us the prospect to prepare hotel construction funding on behalf of a sturdy sponsorship,” stated Mariutti. “With the dual-branded strategy, the venture will attractiveness to a variety of unique demographics in Tempe’s dynamic and escalating marketplace. The adaptable and affordable nature of the two manufacturers will help them to consistently keep occupancy.”
JLL Funds Markets is a whole-provider international company of cash answers for real estate investors and occupiers. The firm’s in-depth neighborhood market place and world wide trader awareness supply methods for clients—whether expenditure revenue and advisory, financial debt advisory, equity advisory, or a recapitalization. The business has a lot more than 3,000 funds current market professionals worldwide with offices in just about 50 nations around the world.