HALL Structured Finance provides $38.7 million loan for construction of Roost Apartment Hotel in Charleston
Dallas-based HALL Structured Finance (HSF) today announced that the firm has initiated a new senior construction loan totaling $38.7 million to fund the
development of the ROOST Apartment Hotel located in Charleston, South Carolina. The extended-stay boutique apartment hotel will be operated by Philadelphia-based Method Co., a property management, development and design firm rooted in hospitality. The facility is expected to open in early 2024.
“This apartment hotel has presented an exciting opportunity to provide funding for a unique hotel experience that will combine a luxury boutique setting with an extended-stay accommodation offering,” said Donald Braun, President of HSF. “We think this hotel will be a great addition to historic Charleston, one of the most coveted tourist destinations in the country.”
This 50-room luxury apartment hotel has a prime address on King Street in the heart of historic Charleston, one of the nation’s most popular retail and dining corridors. The five-story property is designed by acclaimed architects Morris Adjmi.
“We are thrilled to open 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 Charleston guests with a comfortable stay. in a beautifully designed apartment that feels like a home and the flexibility to stay for a few nights or a few months.The design of the building by Morris Adjmi Architects is exceptional and will be a fitting complement to the classic architectural charm of Charleston.”
The new property will feature 52,700 square feet of space including a mix of bachelor, one-, two-, and three-bedroom hotel apartments, a rooftop lounge overlooking downtown Charleston, and 27,700 square feet of rental space. . The hotel’s apartments are designed with a high-end finish with 9-foot ceilings and open floor plans with artwork, live plants, Bluetooth stereos, fully equipped kitchens and washing machines and built-in dryers. Amenities will include two premier street-level outlets, an outdoor courtyard, fitness center, library, breakfast bar, business center, and complimentary bicycles for explore the city. Method Co. will also operate the roof of the property
lounge, drawing on significant experience in food and beverage operations to create a space that serves as both guest and local amenity.
Andrew Healy, vice president of CBRE, funded the project.
This is the second hotel construction loan financed by HSF in Charleston. The company also initiated 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 loans. relay in 2022, mainly targeting the multi-family and hotel sectors.
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