$18M in Financing Secured for Hilton Development

VIRGINIA BEACH, VA-A 175-room Hilton Garden Inn will become the next structure to break ground in the mixed-use Town Center development project, courtesy of a $18 million loan from Hampton University. The funds are part of Hampton’s $175 million endowment fund. Developer Armada/Hoffler will spend $20 million to build the hotel, and will begin construction in September.

Hampton and Armada/Hoffler already have a working relationship, as the developer has built ten structures on the university’s campus, including a library, museum, student center, convocation center and a dormitory. And while the deal marks Hampton’s first commercial real estate development investment, the University boasts a variety of properties in its portfolio, including the neighboring Hampton Harbor Apartments.