Dealmaker: Hall Structured Finance Lends $38M For Reverb Hotel, Atlanta
MBA NewsLink Staff
Hall Structured Finance, Dallas, closed a new first lien construction loan totaling $37.5 million for a Reverb Hotel in downtown Atlanta.
Hard Rock Hotels owns the upscale, limited-service Reverb Hotel chain. Developer Bolton Atlanta LP said it expects to open the 195-room hotel in February 2020.
The hotel within the Castleberry Park mixed-use development is close adjacent to Mercedes-Benz Stadium, home to this weekend's NFL Super Bowl.
Hall Structured Finance President Mike Jaynes said the hotel's central location next to Atlanta's top tourism locations made it an "ideal" project to finance. "Atlanta's growing popularity has made it one of the most visited cities in the United States and we believe there is high demand for an experiential hotel such as the Reverb," he said.
Will James, Vice President of Debt and Equity Production with NorthMarq Capital, sourced the financing for the project. "The Castleberry Park mixed-use project will be a great success, acting as a bridge between The Gulch and Mercedes-Benz stadium," he said.
Hall Structured Finance closed nearly $300 million in construction loans in 2018, and plans to reach $400 million in 2019 given their current pipeline. This is the firm's fourth loan in Georgia since 2016.