HSF Closes $17M Construction Loan for SC Hotel
- Dec 08, 2017
Hall Structured Finance has closed a first lien loan totaling $17.3 million to finance the construction of a 126-key Cambria Suites in Charleston, S.C. The upscale hotel recently broke ground and will be sponsored by a partnership between RREAF Holdings and Upland Lodging. Built by Freese Johnson Contractors, Cambria Suites is slated to open in early 2019.
The property 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 project is being developed on a nearly three-acre site, providing free shuttle access for business travelers, medical-related travelers, College of Charleston visitors and tourists. The four-story building will feature:
- a marketplace
- restaurant and bar
- 1,300 square feet of meeting space
- fitness center
- outdoor pool
“The growing popularity of visiting historic Downtown Charleston will be a major demand generator for this hotel. Charleston sees more than five 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,” said HALL Structured Finance President Mike Jaynes, in a prepared statement.
Cambria Hotels & Suites is backed by Choice Hotels International. Currently, there are 25 Cambria properties open across the U.S. and approximately 30 more under development in the U.S. and Canada.
Image courtesy of HSF