Preston Hollow Capital Provides $34M Construction Financing for Highlander Hotel at Radford University in Virginia
RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals.
Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022.
The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion.
Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.