Cambridge Savings Bank has provided $12 million in construction financing for a 125-room Fairfield Inn & Suites by Marriott in Hyannis.

The existing property at 867 Iyannough Road consists of a two-story, 99-room Days Inn. The Simon Konover Co. of West Hartford, Conn. purchased a leasehold interest in December 2012 and received local approvals for a redevelopment plan. The existing structure will be retained, with a third-story addition built and a walkway added that will connect the property to the Cape Cod Regional Mall. The hotel is expected to reopen in May 2015.

CBRE/NE’s Debt & Structured Finance team members Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard arranged the financing on behalf of The Simon Konover Co.

"The construction financing is a critical milestone as we move decisively toward a May 2015 opening of the newly renovated, expanded and vastly up-flagged hotel," said James Wakim, CEO of The Simon Konover Co., in a statement. "The transformation of this property is a focal point of our strategic hotel expansion plan."