Dallas-based HALL Structured Finance (HSF) announced today that it has secured a new senior home loan totaling $38.7 million
Development of the ROOST Apartment Hotel in Charleston, South Carolina. The extended-stay boutique aparthotel is operated by Method Co. of Philadelphia, a property management, development and design company with hospitality roots. The opening of the property is planned for early 2024.
“This aparthotel presented an exciting opportunity to fund a unique hotel experience that combines a luxurious boutique setting with an extended-stay accommodation offering,” said Donald Braun, President of HSF. “We believe this hotel will be a great addition to the Charleston Historic District, one of the nation’s most desirable destinations.”
This 50-room luxury boutique apartment hotel has a prime address on King Street in the heart of Charleston’s historic district, one of the country’s most popular shopping and dining corridors. The five storey property was designed by the renowned Morris Adjmi Architects.
“We are very excited to break ground on our first ROOST apartment hotel in South Carolina and our second project in the city of Charleston,” said David Grasso, President and Co-Founder of Method Co. “ROOST will provide guests with a comfortable stay in Charleston in a beautifully designed apartment that feels like home and the flexibility to stay for a few nights or a few months. The design of the building by Morris Adjmi Architects is outstanding; it will be a fitting complement to Charleston’s classic architectural charm.”
The new property will consist of 52,700 square feet of space that will include a mix of one, two and three bedroom studio, condo-hotel units, a rooftop lounge overlooking downtown Charleston and 27,700 square feet of rentable space. The apartment hotel units feature high-end amenities with 9-foot ceilings and open floor plans with artwork, live plants, Bluetooth stereos, full kitchens, and in-unit washers and dryers. Amenities include two premium street-level retail stores, an outdoor courtyard, fitness center, library, breakfast bar, business center and complimentary bicycles for exploring the city. Method Co. will also operate the roof of the property
Lounge that draws on extensive experience in food and beverage operations to create a space that serves as a convenience to both guests and locals.
Andrew Healy, Vice President of CBRE, secured funding for the project.
This is the second hotel construction loan HSF has funded in Charleston. The company also provided a $17.3 million senior construction loan for a Cambria Suites in Charleston in 2017. HSF is currently on track to close over $1 billion in new construction and bridging loans in 2022, primarily targeting the multi-family and hospitality sectors.
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