JLL Capital Markets arranged the construction loan for the development of Fairfield Inn and TownePlace Suites near ASU’s main campus
News release
27 July 2022
$24.5M in financing secured for dual-branded, select-service hotel in Tempe
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PHOENIX - July 27, 2022 – JLL Capital Markets announced today that it has arranged $24.5 million in construction financing for the development of the dual-branded Fairfield Inn and TownePlace Suites, a 148-key, select-service hotel in Tempe, Arizona.
JLL worked on behalf of the borrower, EKN Development Group, to secure the three-year, floating-rate loan through Hall Structured Finance.
The four-story property will feature 83 keys in the Fairfield Inn and 65 keys for TownePlace Suites. The dual-branded hotel will offer a range of amenities, including a restaurant, bar & lounge, gym, pool, hot tub and more.
The hotel will be located less than a mile from the Arizona State University campus in Tempe at the southwest corner of East Rio Salado Parkway and South Smith Road. In addition, Fairfield Inn and TownePlace Suites will be 5.8 miles from the Phoenix Sky Harbor International Airport and is within five miles of nearly 30 million square feet of office space. The site has convenient access to Routes 101 and 202, which provide direct access to much of the Phoenix Metro area. The property is within walking distance of a wide array of retail, dining and entertainment options, including Tempe Market Place, Dave & Buster’s, Portillo’s Hot Dogs, Spinato’s Pizzeria and more.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jillian Mariutti, Director Robert Tonnessen and Associate Phil Cadorette, with local support provided by Senior Director Carl Beardsley.
“JLL appreciates EKN Development Group for providing us the opportunity to arrange hotel construction financing on behalf of a strong sponsorship,” said Mariutti. “With the dual branded concept, the project will appeal to a number of different demographics within Tempe's dynamic and growing market. The flexible and affordable nature of the two brands will enable them to consistently retain occupancy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About EKN Development Group
EKN Development Group is a Newport Beach-based real estate development firm, specializing in premier hospitality, retail, mixed-use, and high-density residential developments. EKN currently has over 1,400 hotel keys in development, 350 multifamily residential units, with associated restaurants and other amenities in development across the United States. For further information, visit ekndevelopment.com.