PHOENIX—JLL Capital Markets introduced that it has organized $24.5 million in building financing for the event 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 Improvement Group, to safe the three-year, floating-rate mortgage by means of Corridor Structured Finance.
The four-story property will function 83 keys within the Fairfield Inn and 65 keys for TownePlace Suites. The twin-branded lodge will supply a variety of facilities, together with a restaurant, bar and lounge, health club, pool, sizzling tub, and extra.
The lodge can be situated lower than a mile from the Arizona State College campus in Tempe on the southwest nook of East Rio Salado Parkway and South Smith Street. As well as, Fairfield Inn and TownePlace Suites can be 5.8 miles from the Phoenix Sky Harbor Worldwide Airport and is inside 5 miles of practically 30 million sq. ft of workplace area. The location has entry to Routes 101 and 202, which give entry to a lot of the Phoenix Metro space. The property is inside strolling distance of an array of retail, eating, and leisure choices, together with Tempe Market Place, Dave & Buster’s, Portillo’s Sizzling Canine, Spinato’s Pizzeria, and extra.
The JLL Capital Markets crew representing the borrower was led by Senior Managing Director Jillian Mariutti, Director Robert Tonnessen, and Affiliate Phil Cadorette, with native assist offered by Senior Director Carl Beardsley.
“JLL appreciates EKN Improvement Group for offering us the chance to rearrange lodge building financing on behalf of a powerful sponsorship,” stated Mariutti. “With the dual-branded idea, the challenge will enchantment to quite a few totally different demographics inside Tempe’s dynamic and rising market. The versatile and reasonably priced nature of the 2 manufacturers will allow them to constantly retain occupancy.”
JLL Capital Markets is a full-service international supplier of capital options for actual property traders and occupiers. The agency’s in-depth native market and international investor data ship options for shoppers—whether or not funding gross sales and advisory, debt advisory, fairness advisory, or a recapitalization. The agency has greater than 3,000 capital market specialists worldwide with workplaces in practically 50 nations.