US: Dallas-based HALL Structured Finance (HSF) has originated a new first lien construction loan totaling $38.7 million for the development of the ROOST Apartment Hotel in Charleston, South Carolina.
The extended stay aparthotel will be operated by Philadelphia-based Method Co., a real estate management, development and design company. The property is scheduled to open in early 2024.
“This apartment hotel presented an exciting opportunity to provide financing for a unique hotel experience that will blend a luxury boutique setting with an extended-stay lodging offering,” said Donald Braun, president of HSF. “We believe that this hotel will be a great addition to the Charleston Historic District, one of the nation’s most coveted tourism destinations.”
David Grasso, president and co-founder of Method Co, said: “We are thrilled to break ground on our first ROOST Apartment Hotel in South Carolina and our second project in the city of Charleston. ROOST will offer guests in Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the flexibility to stay a few nights or a few months. The building’s design by Morris Adjmi Architects is outstanding; it will be a fitting compliment to the classic architectural charm of Charleston.”
The new property will consist of 52,700 square feet of space comprising a mix of 50 studio, one-, two-and three-bedroom apartment hotel units, a rooftop lounge and 27,700 square feet of rentable space.
Andrew Healy, vice president of CBRE, sourced the financing for the project.
