The developers behind a 135-room boutique hotel planned for across from the N.C. State University Bell Tower on Hillsborough Street have secured their construction loan.
Site work has already begun on the project, which is expected to be completed in the fall of 2015.
The hotel will be part of Starwood Hotels & Resorts Worldwide's Aloft brand. It is replacing a Raleigh landmark, Sadlack's Heroes, as well as a retail center that have already been torn down.
NCSU's endowment spent several years acquiring the 1.3-acre site across from the Bell Tower. Two years ago the university selected Bell View Partners of Raleigh and The Bernstein Cos. of Washington to develop the project.
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The developers secured a $16.6 million construction loan from First Tennessee Bank.
The hotel will feature two retail spaces on the ground floor facing Hillsborough Street. The second floor will be the lobby of the hotel, with 98 parking spaces behind the building.
A 55-foot sculpture created by Thomas Sayre, the Raleigh-based artist behind the convention center's shimmer wall, will also be featured.