PHOENIX--(BUSINESS WIRE)--FirstBank, one of the nation’s largest privately held banks with numerous banking locations in Arizona, is financing the TownePlace Suites by Marriot. The new 57,000 sq. ft. hotel will be located at 3655 W. Chandler Blvd. and is expected to open in August of 2017.
FirstBank financed $9.65 million, helping fund construction of the hotel, which will feature four stories and 109 guest rooms. The bank worked with HCW Development and Statesman Group, a joint partnership that is developing the project.
“FirstBank has proven to be a great financial partner for commercial developments,” said 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. We’re certainly happy we went with a bank that puts such a large emphasis on customer service and forging strong relationships, and we look forward to working with them more in the future.”
“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,” said Joel Johnson, East Valley President of FirstBank. “This hotel is a welcomed addition especially after the recently completed 303-unit Met Apartments on an adjacent parcel. We’re confident it’ll help fuel growth in the area, benefitting nearby restaurants and retailers.”
FirstBank offers a variety of business loans, including commercial real estate loans, construction loans, SBA loans and business loans for working capital or fixed asset needs. For more information on the bank’s business products and services, visit startandgrowtoday.com.
FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 700,000 customers. Since 2000, FirstBank has contributed more than $55 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.
Equal Housing Lender