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.
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. KARAHAN COMPANIES
JLL's Tim 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.