HALL Structured Finance has provided a $20 million, first lien, construction loan commitment to finance the development of an Element by Westin in North Charleston, South Carolina. The five-story, 125-room extended-stay hotel is located one mile north of the Charleston Convention Center and 2.5 miles from the Charleston Airport.
“We continue to see a good number of attractive financing opportunities in coastal areas of the U.S., especially in the southeast. The Element by Westin is near Charleston International Airport, which saw a record high of 5.3 million visitors in 2022,” said HSF Vice President Brian Mitchell. “We look for loan opportunities with experienced and committed development teams, great locations and strong brands: all of which we found in the Element by Westin North Charleston project.”
The project is being developed by Greenville, South Carolina-based companies, Contender Development and Broadstreet. Ryan Bosch of Arriba Capital brokered the deal.
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