The $30 million Courtyard by Marriott project for Downtown Fresno has secured nearly $20 million in construction financing. Rendering contributed

A long-planned Downtown Fresno hotel gained a key piece of financing with the announcement Monday of a $19.8 million construction loan.

Calabasas-based Marcus & Millichap Capital Corp. arranged the $19.79 million in financing for the 144-room Courtyard by Marriott project, a five-story, 94,796-square-foot hotel at 808 M St. near the Fresno Convention Center.

The financing — a two-year, interest-only construction loan featuring a 65% loan-to-cost ratio — was secured by Marc Cesarec, vice president, capital markets, based out of the Marcus & Millichap Capital Corp. Encino office, according to a news release.

The hotel developer is Fresno-based Metro Hospitality Services, Inc. Randy Singh, director of operations with Axis Hotel Group, the management company for Metro Hospitality, previously said the project would cost about $30 million.

The builder is Bakersfield-based Klassen Corp.

A hotel has been envisioned for the site for the last 20-plus years, noted attendees of a groundbreaking event in August. It is scheduled to open in 2025.

 “The 144-key hotel is a long-awaited project for the City of Fresno,” Cesarec said. “Located in Downtown Fresno, the new Courtyard by Marriott hotel will feature meeting spaces, a swimming pool, fitness center and lounge bistro, and will be in close proximity to the Fresno Convention & Entertainment Center, making it an essential component to the area’s growth.”