Aloft Hotel Receives $18M Construction Loan
Developed by Michael Tchakmakjian, the new 85-key hotel will be located in Glendale, Calif. and is expected to open in May 2019.
By Evelyn Jozsa
Aloft Hotel, Glendale, Calif.
HALL Structured Finance has secured a $17.6 million first lien construction loan for the development of an 85-key Aloft Hotel in Glendale, Calif. Michael Tchakmakjian will develop the six-story project, which marks the first Marriott or Starwood branded hotel in the city. The project is slated for completion by May 2019.
Located at 1100 N. Brand Blvd., the development is near Ventura Freeway, within 20 minutes of downtown Los Angeles. The location provides access to major corporate and regional headquarters, including the Disney Channel Headquarters. The Aloft Hotel will feature amenities such as a rooftop bar, ground floor restaurant, fitness center and 2,000 square feet of meeting space.
“HALL Structured Finance’s ability to customize the financing terms to meet our project’s goals have made the development of the Aloft possible,” said Tchakmakjian, in a prepared statement. “We have enjoyed working with their team from start to finish, and are looking forward to delivering this new hotel to Glendale.”
In December 2017, HALL Structured Finance secured a first lien loan totaling $17.3 million for the construction of a 126-key Cambria Suites in Charleston, S.C.
Image courtesy of HALL Structured Finance
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