By IvyLee Rosario
HALL Structured Finance secured the first lien construction loan for the development of the Park James Hotel in Menlo Park Calif., totaling $26 million, on behalf of developer Pollack Realty Corp. Broughton Hotels will manage the property upon its completion.
Expected to open in May 2018, the 61-key hotel will feature California craft kitchen restaurant Oak + Violet, a lobby bar, landscaped courtyard and 1,200 square feet of meeting space.
“The Park James Hotel will offer travelers sophisticated, upscale accommodations with a unique local influence and culture. Guests can walk to nearby downtown Menlo Park or easily access any of the top Silicon Valley businesses,” said Jeff Pollock, senior vice president of Pollock Realty Corp., in prepared remarks.
HALL Structured Finance has closed construction loans across the country this year totaling $160 million. This is the third construction loan that HSF has closed in California this year, having just closed a $42 million loan to develop two Cambria Suites in Napa Valley and Sonoma County.
Image courtesy of HALL Structured Finance