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Columbia Hilton Garden Inn

$11,000,000  |  Columbia, SC

 

 

Background:

Developer sought permanent financing and return of equity on Hilton Garden Inn that opened in 2011.

 

Challenges:

  • 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.

Solution:

  • CHC listened. We understood clearly Borrower’s actions before and after default notice.

  • CHC’s strong advocacy and decisive marketing campaign created several attractive options.

Outcome:

CHC closed a 10-year non-recourse loan at 4.69% interest rate on a hotel with less than 24 months of operating history.

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