Frisco hotel breaks ground thanks to $105M loan from local bank
Ground has broken on the Hyatt Regency Stonebriar hotel in Frisco thanks to a construction loan financed by Beal Bank.
Beal made the funds available to Sam Moon Group through its affiliate CLG Hedge Fund LLC. CLG focuses on the commercial real estate industry and offers loans ranging from $50 million and more than $750 million.
Sam Moon Group, headquartered in Dallas, is a holding company for several retail and real estate ventures. Its largest subsidiary is accessories superstore concept Sam Moon Trading Co.
Its real estate portfolio includes the Renaissance Legacy Plano and Hyatt Place Alliance hotels in North Texas, as well as Metropark Square, a mixed-use development in The Woodlands. Show Full Story
Its newest local project, the Hyatt Regency, will be constructed as part of Frisco’s Stonebriar Centre mall. Set to open in 2020, the lodging will span 18 stories and feature 303 guest rooms, an 800-space garage, a 54,585-square-foot conference center, and a 3,000-square-foot Frisco city library.
HKS is serving as the project's architect.
"The Hyatt Regency Stonebriar is a milestone development for the city, and we are excited to have joined with the Sam Moon Group to bring this great facility to Frisco," Anthony Sassine, executive managing director for CLG Hedge Fund, said in a prepared statement. "This was a multifaceted financing arrangement, but we were able to work with the Moons and provide a creative solution to their financing needs with no syndication risk."