HFF secures $16.6 million construction loan for development of Aloft Raleigh in Raleigh, NC

Rendering of planned Aloft Raleigh, 2100 Hillsborough Street
Downtown Raleigh, NC

WASHINGTON, D.C. – HFF announced it has secured a $16.6 million construction loan for the development of the 135-room Aloft Raleigh in Raleigh, North Carolina.

               Working exclusively on behalf of a partnership between The Bernstein Companies, TME Investments and Michael Sandman, HFF placed the five-year construction loan with First Tennessee Bank.                

The Aloft Raleigh will be located at 2100 Hillsborough Street directly adjacent to North Carolina State University and two miles from downtown Raleigh.

  Upon completion in the Fall of 2015, the Aloft will feature a fitness center, swimming pool, outdoor deck and the Aloft’s signature Lobby and WXYZ Bar, Re:Mix (lounge), Re:Fuel (packaged and fresh foods) and In-Touch (business center). 

The HFF team representing the borrower was led by managing director Mark Remington. 

“The Aloft Raleigh will be one of the only branded lodging facilities with direct access to the University, allowing the hotel to capture market share from inferior competitors from travelers who demand convenience, accessibility and modern amenities at competitive nightly rates,” said Remington.

The Bernstein Companies, founded in 1933, has successfully owned, managed, developed and invested in all types of commercial and residential real estate throughout Washington, D.C. and the Mid-Atlantic area.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com