Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix
AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix.
Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.