$11,000,000 | Columbia, SC
Developer sought permanent financing and return of equity on Hilton Garden Inn that opened in 2011.
Hotel’s original, regional construction lender had failed and its assets were bought by a major national bank.
Clouded title resulted when the new bank declared Borrower in technical default and commenced foreclosure proceedings in spite of Borrower’s compliance and attempts to negotiate. Borrower was contemplating bankruptcy.
Unresponsive bank continued foreclosure despite evidence that they would be repaid in full by new financing.
CHC closed a 10-year non-recourse loan at 4.69% interest rate on a hotel with less than 24 months of operating history.