Plano's Legacy West Hotel Gets $90 Million in New Funding

A Florida lender has provided $90 million in new funding for the Legacy West Renaissance Hotel in Plano.Built in 2017, the 15-story luxury hotel is part of the $3 billion Legacy West mixed-use development at the Dallas North Tollway and Legacy Drive.The 304-room hotel was developed by Dallas' Sam Moon Group.Miami-based lender 3650 REIT provided the new loan for the property.The real estate investment trust also provided mortgages for hotels in New York and North Carolina."Our three recent hospitality loans will ensure enhanced and prolonged value for these strong, flagship institutions, whose hotels are well-positioned to serve prime business and leisure markets across the United States," 650 REIT Co-Founder and Managing Partner Toby Cobb said in a statement.Located on Legacy Drive just west of the tollway, the Renaissance is the only hospitality component at Legacy West, which includes apartments, retail and office space.Major corporate employers including Toyota, Liberty Mutual Insurance and JPMorgan Chase also have large office campuses in the development.  Continue reading...