CHARLESTON, SC— GMAC Commercial Mortgage Corp. (GMACCM)— through its Hospitality Industry Division— has provided a $25-million first-mortgage loan to City Market Hotel Associates, LLC, owner of the 212-room Charleston Doubletree Guest Suites Historic District & Hayne Street Inn, located in the heart of downtown here. The loan was arranged by Steve McRae, vp in GMACCM’s Atlanta, GA loan-production office, and Gary Joachim of Sivica Properties in Roswell, GA. Doubletree Guest Suites is located at 181 Church St. and 35 Hayne St., and features 4,638 square feet of meeting space, an additional 4,015 square feet of leased meeting space, and 4,233 square feet of retail space. Amenities include a 60-seat cafe/lounge, an exercise room, sundry shop and guest laundry. The upscale hotel has recently undergone a 30-room expansion, which also added a ballroom and full catering kitchen, thereby enhancing the property’s ability to accommodate group business. It was similarly noted loan proceeds allowed the owner to recoup a portion of the equity invested in the property’s expansion.
Previous ArticleFairmont Ready To Break Ground On Coco Beach Resort
Next Article Bluegreen Corp. Names Kinsey SVP