Twin-branded Fairfield Inn and TownePlace Suites in Tempe, Arizona Secures $24.5M in Building Financing

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Rendering of the Tempe Fairfield Inn and TownePlace Suites - Source EKN Development
  Rendering of the Tempe Fairfield Inn and TownePlace Suites


JLL;

JLL Capital Markets introduced the previous day that it has organized $24.5 million in development financing for the improvement of the dual-branded Fairfield Inn and TownePlace Suites, a 148-key, select-service lodge in Tempe, Arizona.

JLL labored on behalf of the borrower, EKN Building Team, to safe the three-year, floating-rate mortgage thru Corridor Structured Finance.

The four-story assets will function 83 keys within the Fairfield Inn and 65 keys for TownePlace Suites. The twin-branded lodge will be offering a variety of facilities, together with a cafe, bar & front room, fitness center, pool, sizzling bathtub and extra.

The lodge shall be positioned lower than a mile from the Arizona State College campus in Tempe on the southwest nook of East Rio Salado Freeway and South Smith Highway. As well as, Fairfield Inn and TownePlace Suites shall be 5.8 miles from the Phoenix Sky Harbor Global Airport and is inside 5 miles of just about 30 million sq. toes of place of work area. The website online has handy get right of entry to to Routes 101 and 202, which offer direct get right of entry to to a lot of the Phoenix Metro house. The valuables is inside strolling distance of a wide selection of retail, eating and leisure choices, together with Tempe Marketplace Position, Dave & Buster’s, Portillo’s Scorching Canine, Spinato’s Pizzeria and extra.

Commercial

The JLL Capital Markets staff representing the borrower was once led by means of Senior Managing Director Jillian Mariutti, Director Robert Tonnessen and Affiliate Phil Cadorette, with native fortify equipped by means of Senior Director Carl Beardsley.

“JLL appreciates EKN Building Team for offering us the chance to organize lodge development financing on behalf of a robust sponsorship,” stated Mariutti. “With the twin branded idea, the challenge will enchantment to quite a lot of other demographics inside Tempe’s dynamic and rising marketplace. The versatile and inexpensive nature of the 2 manufacturers will allow them to constantly retain occupancy.”

JLL Capital Markets is a full-service international supplier of capital answers for actual property traders and occupiers. The company’s in-depth native marketplace and international investor wisdom delivers the best-in-class answers for shoppers — whether or not funding gross sales and advisory, debt advisory, fairness advisory or a recapitalization. The company has greater than 3,000 Capital Markets consultants international with workplaces in just about 50 international locations.



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