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NAPA, CA-Gustin Property Group has secured $10.95 million in construction financing for a boutique hotel and restaurant development here that has 300 feet of frontage on the Napa River.

The 106-room River Terrace Inn will rise at 780 Randean Wy. The free-standing restaurant will be built on an adjacent parcel of land. The hotel is slated to open in September 2003. The designer is TWM Architects of San Rafael. Andrews & Thornley of Napa is the general contractor.

Gustin is a real estate development company based in Albuquerque that has completed over 30 hotel, residential and office development projects in nine states and Canada. The first lien, provided by Hall Financial Group, has an interest rate that floats based on LIBOR, with a minimum rate starting at 10%.

“This is a quality development project but adequate primary financing was unavailable due to the still weak hospitality sector,” says Donald Braun, president of Hall Financial Group. “We were able to work with Gustin looking past current market conditions and forward to see the hotel’s long-term potential.”

The hotel will be within walking distance of The Wine Train Depot and Copia: The American Center for Food, Wine and the Arts. Amenities will include a business service center, exercise facility, boardroom, pool and spa. Guestrooms will feature high-speed Internet access.

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