Dallas-based Hall Structured Finance closed a new first-lien construction loan totaling $37.5 million to finance the construction of a Reverb Hotel in downtown Atlanta. Reverb is an an upscale, limited-service brand by Hard Rock Hotels, and the proposed Atlanta property will be located within the Castleberry Park mixed-use development, adjacent to the Mercedes-Benz Stadium. The new 195-room hotel is anticipated to open in February 2020. The developer behind the project is Bolton Atlanta.
“This hotel will provide an amplified guest experience complementing Atlanta’s rich cultural scene, and its central location next to Atlanta’s top tourism locations made this an ideal project for us to finance,” Mike Jaynes, president of Hall Structured Finance, said in a statement. “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.”
The property will include a five-story parking deck, a restaurant, a business center and meeting spaces all located on the ground floor. The hotel’s 11th floor will host a rooftop bar, including an observation deck with skyline views of downtown Atlanta.
“We had a great experience working with Hall Structured Finance. Their flexible, tailored approach to financing our hotel development made this loan closure seamless, and we are looking forward to moving forward on construction and delivering this Reverb Hotel to the Atlanta community and seeing it flourish,” Frank Chen, COO of Bolton Atlanta, said in a statement.
Will James, VP of debt and equity production at NorthMarq Capital, sourced the financing for the project.