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Friday, January 15, 2016
Sam Moon Group gets $94M in financing for new Legacy West hotel
The 240-acre Legacy West development will include this Renaissance Hotel, but developer Fehmi Karahan says the recent excitement over the corporate magnet could bring another hotel as well as residential projects to the West Plano mixed-use development.
Dallas-based development firm Sam Moon Group and its partners have landed $94 million in financing to build a 304-room Renaissance Hotel near the northwest corner of the Dallas North Tollway and Legacy Drive in Plano.
The group behind the proposed 15-story luxury hotel received a $71.9 million construction loan and $22.1 million in mezzanine financing for the new hotel, which will sit within the $2 billion Legacy West mixed-use development, according to the Commercial Observer.
JLL'sTim Jordan, Drew Kiesling, Dan Bryson and Bill Grice worked on the financing on behalf of the borrowers. BancorpSouth Bank provided the construction loan. Lender Brevert Capital Management provided the mezzanine debt.
Terms of the deal were undisclosed.
Plans for the new hotel — which currently is under construction in West Plano— include modern, upscale finishes with more than 100,000 square feet of conference room and meeting space, restaurants, outdoor bar terrace and third-level amenity deck with a swimming pool, bar, spa and fitness center.