CHANDLER, AZ-A stalled mixed-use project, Elevation Chandler, can now reach the finish line with help from a $24-million bridge loan. Construction began in late 2005, but the $250-million project has sat as a see-through since April.

The completed 10-acre development will have a 243-room Renaissance ClubSport Marriott with a 77,000-sf spa and 15-story tower with 90 residences and 6,000 sf of street-level retail. The development, abutting Westcor's Chandler Fashion Center at Loop 101 and the Santan Freeway, ground to a halt when local developer Jeff Cline ran out of money. "What there was, was steel standing there, partially built," says Richard Rollnick, CEO with the lending company, Scottsdale-based Landmark Realty Capital LLC. As a result, the partially developed site was set for public auction, but Cline was able to stop the sale, in part, with the Landmark loan.

Though details of the financing, which was done directly, could not be obtained, Rollnick tells GlobeSt.com that the one-year bridge loan is sufficient to get Cline moving on the project, which is now anticipated for a 2008 completion. Also working with Cline is a capital markets group company from New York City.

Rollnick says financing Elevation Chandler was a good move for his company because the project is a strong one despite previous financing woes. "It's a fabulous project after you dig into it," he says. "This is a very successful hotel business model and that's what drives the whole thing."