$28M construction loan secured for uptown hotel

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Construction financing has been secured for a new hotel in uptown Charlotte.

A $28 million construction loan has been arranged for a joint venture that's building a 176-room Even Hotel at the Stonewall Station mixed-use development. Georgia developer Mayfair Street Partners and Florida real estate private equity group Sefira Capital are developing the hotel, which is being built using modular construction.

Mark Ebersold at NorthMarq Capital arranged the construction loan on behalf of the borrower through a local bank lender and a New York-based mezzanine lender. NorthMarq is a commercial real estate financial intermediary based in Minneapolis.

The Even Hotel is one of two hotels to be built at Stonewall Station. It will be developed on a 0.4-acre site fronting Caldwell Street while another developer, Alabama-based Yedla Management Co., is spearheading a 180-room Home2 Suites by Hilton hotel next door at the hard corner of Stonewall and Caldwell streets. The hotels represent the last phase of the mixed-use Stonewall Station project, which also includes a 36,000-square-foot Whole Foods Market that opened last month, additional retail space to be leased, Crescent Communities' 458-unit apartment development and a 1,350-space parking deck. Charlotte-based Asana Partners recently acquired most of the retail at Stonewall Station, including Whole Foods, for nearly $34.1 million.

Mayfair acquired the hotel site last summer for $4.5 million. The Even Hotel, Charlotte's first, will include a fitness center, healthy food and beverage options and in-room fitness, true to the flag's wellness focus.

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