Dallas-based HALL Structured Finance (HSF) has closed on a first-lien construction loan totaling $41.13 million to develop Dellshire Resort in Wisconsin Dells, WI.
HSF partnered with Nuveen Green Capital, which provided an additional $27.77 million in C-PACE financing. The sponsor is Uphoff Ventures LLC. Adrienne Andrews and Jeffrey Bucaro of JLL brokered the deal.
Dellshire Resort will be a 208-room, four-story, Medieval-themed hotel representing the initial phase of a more than 40-acre master-planned resort and attraction development. The hotel will feature a 222-seat restaurant, six pools (three indoor and three outdoor), a swim-up pool bar, 9,500-sq.-ft. arcade and family entertainment center, ATV rentals and approximately 6,500 sq. ft. of meeting and event space. A 60-ft. fire-breathing dragon sculpture will mark the hotel’s entrance, complemented by costumed knights and dragon-themed interactions throughout the hotel.
Located approximately 55 miles northwest of Madison, Wisconsin Dells is known as the “Waterpark Capital of the World,” featuring the highest concentration of indoor and outdoor waterparks globally, according to the company. The local economy is heavily tourism-driven, drawing more than four million visitors annually.
“We’ve enjoyed working with Steve Uphoff and Uphoff Ventures on the Dellshire Resort project,” said Brad Ferguson, HSF VP and loan originator. “The hotel’s scenic location overlooking the Wisconsin River, coupled with the strong regional demand for waterpark-themed resorts, sets it apart from competitors and positions it for long-term success.”
Uphoff Ventures was founded in 1988 by Steve and Linda Uphoff. The company manages a diverse portfolio including family entertainment centers, convenience stores, luxury rental properties and commercial real estate across the U.S.
“Working with HALL Structured Finance was an excellent experience for our team, from the time of signing the LOI to closing the loan was within the timeline first communicated to us,” said Uphoff Ventures CEO Steve Uphoff. “HALL shared our enthusiasm and emulated our passion for the Dellshire Resort project. Through their resources, they helped create magic for many generations to experience.”
Sean Ribble, senior director of originations, Nuveen Green Capital said, “We were proud to partner with HALL Structured Finance once again to provide C-PACE (Commercial Property Assessed Clean Energy) financing to fund this exciting new development, and a significant milestone as the largest C-PACE transaction in Wisconsin. By leveraging C-PACE’s accretive financing, Uphoff Ventures was able to reduce their overall blended cost of capital, while helping to ensure the project’s long-term profitability.”
