Bank loan secured, construction begins on new Aloft Raleigh hotel
The developers of the planned Aloft hotel on Hillsborough Street in Raleigh have secured their construction loan, and work crews are already preparing the site for the seven-story building.
The 135-room Aloft Raleigh hotel will be across the street from N.C. State University's iconic Bell Tower monument and is expected to open before the N.C. State fall semester begins in 2015, says development partner Mark Andrews.
Andrews and his partners – including Raleigh developer Michael Sandman and Washington, D.C., hotel manager The Bernstein Companies – secured a $16.6 million, five-year construction loan with First Tennessee Bank earlier this month to begin work on the building.
Once open, the hotel will also have a fitness center, swimming pool, outdoor deck, signature restaurant and bar, by local artist and designer Thomas Sayre. Mark Remington, managing director of theHFF capital markets group, represented the hotel partnership in securing the loan.
The hotel is located on the site of the former Sadlack’s Heroes and Schoolkids Records shop. Schoolkids has since relocated to Mission Valley shopping center.
Aloft Raleigh will be the brand's third hotel property in the Triangle. A second Aloft hotel is also under construction in downtown Durham. Aloft already has a hotel property in Chapel Hill.