HREC Capital Markets Group, the dedicated mortgage brokerage team within HREC Investment Advisors, is pleased to announce it arranged a $14,150,000 construction loan funded by a regional bank, for the 126-guestroom Tru by Hilton located in Manchester, New Hampshire. The Hotel is expected to open in third quarter of 2020 and is part of a rapidly expanding Hilton flag.

John Siska, Vice President and Principal Mike Armstrong exclusively represented the borrower in this transaction.

“We were able to demonstrate to our lender that this was a viable project based on multiple factors. They include our borrower’s affiliation with Hilton as a Tru by Hilton franchisee along with its unique location in the Millyard District of downtown Manchester. This high barrier to entry location includes several large employers, universities and restaurants. In addition, we were able to leverage the benefit of the investment provided by the City of Manchester and the Opportunity Zone designation as positive aspects of this deal. We were actively involved from start to finish with the financing for this project,” stated Siska.

The City of Manchester is known as the business capital of New Hampshire. While mostly known as a manufacturing economy, the Manchester market has become more diverse, focused on retail, wholesale, and finance. The rapid diversification of the region’s industry mix has been essential to its income and labor force growth in recent years and will continue to support regional economic expansion. Additionally, Manchester has an abundance of office and industrial space with many businesses proximate to the Hotel. Southern New Hampshire’s list of top employers is dominated by its education and health services sector due to the number of regional hospitals and the high demand for healthcare by the area’s aging demographic. Top employers in the healthcare sector include Elliot Hospital, Genesis Healthcare, Wentworth-Douglass Hospital, Southern New Hampshire Medical Center, Catholic Medical Center and St. Joseph Hospital.

About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting including market studies, and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.