HALL Structured Finance Closes $17.3M Loan To Finance The Construction Of A Cambria Suites In Charleston, South Carolina
DALLAS, Dec. 6, 2017 /PRNewswire/ -- HALL Structured Finance (HSF) announced today that the company has closed a new first lien loan totaling $17.3 million to finance the construction of a 126-room Cambria Suites in Charleston, South Carolina. The project will be sponsored by a joint venture partnership between RREAF Holdings and Upland Lodging. The project broke ground in October and is slated to open in early 2019.
"The growing popularity of visiting historic Downtown Charleston will be a major demand generator for this hotel," said Mike Jaynes, president of HALL Structured Finance. "Charleston sees more than 5 million visitors per year, making it one of the leading tourism destinations in the nation. We are confident that this new Cambria will do very well given its location and the area's strong economy, growing tourism and stable hotel market."
The upscale hotel will be located one mile across the bridge from Charleston's historic downtown district at the northwest corner of Highway 61 and Ripley Point. The four-story Cambria will feature a marketplace, 'The Social Circle' restaurant and bar, 1,300 square feet of multi-function meeting space, a fitness center and outdoor pool. It will be developed on a nearly three-acre site, providing convenient lodging with free shuttle access for business travelers, medical-related travelers, College of Charleston visitors, and the millions of tourists who visit the city each year.
"HSF went above and beyond to find a capital solution that would work for our project," said Brandon Miller, president of RREAF Holdings. "They recognized the great opportunity we had with this development and worked as an extension of our team to secure the construction loan to get this hotel off the ground."
Cambria Hotels & Suites, fully backed by Choice Hotels International, entered the market as an all-suite, new construction hotel design in 2007. There are currently 25 Cambria properties open across the US with approximately 30 more under development in the US and Canada.
About HALL Structured Finance
HALL Structured Finance is an entrepreneurial, value-add direct private lender to the real estate industry. We specialize in providing capital for ground up construction, adaptive reuse, and major asset repositioning and renovations for commercial real estate projects throughout the U.S. The HALL Structured Finance lending program is designed to provide real estate owners, operators and developers with an alternative to bank financing, and is oriented to be a resource to projects that may be underserved by the institutional capital markets. For more information, visit hallstructuredfinance.com.
SOURCE HALL Structured Finance
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