December 14, 2017
Dallas-based Hall Structured Finance (HSF) closed a new first lien construction loan totaling $55 million to finance the construction of a 150-room Hyatt Andaz resort hotel and accompanying retail in Palm Springs, CA. Rael Development Corporation is the project developer, and SR Construction is the project’s general contractor.
HSF’s Mike Jaynes says, “The Andaz Palm Springs presented us with the opportunity to finance what will be one of the finest hotels in the Coachella Valley once completed.” The resort hotel and retail project are expected to open by January 2019.
The property at 400 N. Palm Canyon Dr. is designed as a collection of small buildings and guestroom bungalows surrounding two outdoor pools, garden and lounge areas, full-service spa, fitness center and winding walking paths. The Shops on Palm Canyon, a 30,000-square-foot street-level retail portion of the project, will be leased to a mix of restaurants, clothing shops, boutiques and galleries.
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