MENLO PARK, CA—The Park James Hotel, a 61-key boutique hotel being developed by Pollock Realty Corporation, is expected to open in May 2018. A new first lien construction loan totaling $26 million has closed in order to finance the construction. The loan was financed by Dallas-based Hall Structured Finance.
“The Park James Hotel presented us with the opportunity to finance a high-quality luxury boutique hotel product that is in high demand in Menlo Park, minutes from Stanford University and the headquarters of some of the world's most influential companies in neighboring Palo Alto,” said Mike Jaynes, president of Hall Structured Finance. “The hotel market in Menlo Park is currently very strong and we are confident that the Park James will be a great success when it opens next May.”
Orange County-based Broughton Hotels, a boutique hospitality industry firm, will manage the hotel and provide a personalized guest experience enhanced by high-touch technology. Upon completion, the hotel will feature a craft kitchen restaurant concept, Oak + Violet, along with a lobby bar, a courtyard to accommodate outdoor meetings and events, and 1,200 square feet of indoor meeting space. Hotel guests will be able to walk to nearby downtown Menlo Park or access any of the nearby Silicon Valley businesses.
“We are seeing a variety of hotel opportunities seeking alternative construction financing at this time, from large flagged hotel brands to boutique concepts like the Park James,” Jaynes tells GlobeSt.com. “Overall, our pipeline has remained very full and there continues to be a real need for readily available access to capital on well thought-out projects.”
This is the third construction loan that Hall has closed in California this year, having just closed a $42 million loan to develop two Cambria Suites in Napa Valley and Sonoma County. The Hall loan program provides an alternative to bank financing, and is a resource to projects that may be underserved by the institutional capital markets, such as hotels, multifamily, student housing, condominiums and speculative office developments.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
