TownePlace Suites Milwaukee

Milwaukee, WI

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Transaction Details

112 Key Hotel
$10.9 million construction loan located in Oak Creek, Wisconsin, south of Milwaukee
The project developer is Bob Gustin with Albuquerque-based Gustin Property Group. Located within the Drexel Town Square development, the hotel will be the only one in the entire submarket that is located within a pedestrian-friendly, energetic development, just steps from multiple dining, retail and entertainment destinations.

Unique Challenges

The Property is located within 4 miles of a major demand generator (Milwaukee’s International Airport), which experienced a significant loss of its weekly flights since 2011. A portion of the equity component being contributed by TIF Grants.

The Solution

Although Oak Creek is a smaller market, Hall Structured Finance realized there was a “flight to quality” versus the option of several older obsolete product helping to substantiate the need for a new Marriott project in Oak Creek’s new town center. HALL Structured Finance provided a flexible loan structure to allow and account for the TIF Grants as equity.

Deal Basics

  • location

    Milwaukee, WI

  • loan amount

    $10.9 Million

  • claim type

    1st Lien

  • loan type

    Construction Loan

  • property type

    Hotel

“HALL Structured Finance provided us with a specialized capital solution to meet our needs, and their extensive real estate expertise and entrepreneurial approach has allowed us to successfully finalize loan closure and begin construction. The new hotel will be a great addition to Oak Creek, and we’re eager to begin.”

Bob Gustin | Owner of Gustin Property Group

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