FirstBank Helps Finance Chandler Hotel

The upcoming TownePlace Suites by Marriott landed a $9.6 million construction loan.

by Evelina Croitoru

TownePlace Suites by Marriott in Chandler, Ariz.

TownePlace Suites by Marriott in Chandler, Ariz.

PhoenixFirstBank, one of the nation’s largest privately held banks, is financing the development of TownePlace Suites by Marriott in Chandler, Ariz. The new 57,000-square-foot hotel at 3655 W. Chandler Blvd. is scheduled to open in August 2017.

FirstBank has arranged a $9.6 million loan to help fund construction of the four-story, 109-key hotel. The bank worked with HCW Development and Statesman Group, a joint partnership that is developing the project. “We’re thrilled that we could partner with HCW Development and Statesman Group to help create a premier hotel that will have a positive impact on jobs and tourism here in Chandler,” Joel Johnson, East Valley president of FirstBank, said in a prepared statement.

“FirstBank has proven to be a great financial partner for commercial developments,” added Rick Huffman, CEO of HCW. “Projects this size can be cumbersome to finance and FirstBank made this as stress-free as possible. We had one point of contact who handled initial discussions as well as the underwriting and closing of the loan, so decisions were made quickly with our best interest in mind,” Rick Huffman, CEO of HCW Development, said in prepared remarks.

Rendering courtesy of FirstBank