HFF Secures $16.6 Million Construction Loan for Development of Aloft Raleigh
WASHINGTON, DC - June 13, 2014 - HFF announced today that it has secured a $16.6 million construction loan for the development of the 135-room Aloft Raleigh in Raleigh, North Carolina.
Working exclusively on behalf of a partnership between The Bernstein Companies, TME Investments and Michael Sandman, HFF placed the five-year construction loan with First Tennessee Bank. The Aloft Raleigh will be located at 2100 Hillsborough Street directly adjacent to North Carolina State University and two miles from downtown Raleigh. Upon completion in the Fall of 2015, the Aloft will feature a fitness center, swimming pool, outdoor deck and the Aloft's signature Lobby and WXYZ Bar, Re:Mix (lounge), Re:Fuel (packaged and fresh foods) and In-Touch (business center).
The HFF team representing the borrower was led by managing director Mark Remington.
“The Aloft Raleigh will be one of the only branded lodging facilities with direct access to the University, allowing the hotel to capture market share from inferior competitors from travelers who demand convenience, accessibility and modern amenities at competitive nightly rates,” said Remington.
The Bernstein Companies, founded in 1933, has successfully owned, managed, developed and invested in all types of commercial and residential real estate throughout Washington, D.C. and the Mid-Atlantic area.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
