$17,500,000 | Anderson & Greenwood, SC
Cronheim Mortgage Secures $17.5MM for Two Hampton Inns and a Fairfield Inn & Suites
Cronheim Hotel Capital (CHC) is pleased to announce the funding of $17.5MM for three hotel properties for a South Carolina-based hotel development company: a Hampton Inn in Anderson, SC and a Hampton Inn and Fairfield Inn & Suites in Greenwood, SC. Two of the three properties had recently completed extensive PIP’s; the third had just qualified for Hampton’s Forever Young Initiative and would be renovated following the loan closing.
Despite two of the assets being located near each other in small market – Greenwood, SC – the loans were each closed on a stand-alone basis (not cross collateralized). CHC closed the loans with two different lenders to ensure that the loans would remain separate. An international bank financed the Hampton Inn in Greenwood and a national finance company closed the Hampton Inn Anderson and Fairfield Inn & Suites Greenwood.
CHC’s David Turley commented: “These were challenging deals. One hotel was on a ground lease, one was nearly 27 years old and had a franchise rolling within the loan term and the third had only 5 years remaining on the franchise term. We are pleased to have executed a difficult assignment for a borrower with a proven track record and a growing portfolio.”