Hall Structured Finance has closed a new first lien loan totaling $17.3 million to finance the construction of a 126-guestroom Cambria Suites in Charleston, S.C. The project—which broke ground in October and is slated to open in early 2019—is sponsored by a joint venture partnership between RREAF Holdings and Upland Lodging.
“The growing popularity of visiting historic Downtown Charleston will be a major demand generator for this hotel,” Mike Jaynes, president of HALL Structured Finance, said in a statement. “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 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 on a nearly three-acre site.
There are currently 25 Cambria properties open across the U.S., with approximately 30 more under development in the U.S. and Canada.
