Dallas-based HALL Structured Finance (HSF) announced today that the company has originated a new first lien construction loan totaling $38.7 million to finance the
development of the ROOST Apartment Hotel located in Charleston, South Carolina. The extended-stay, boutique apartment hotel will be operated by Philadelphia-based Method Co., a real estate management, development and design company rooted in hospitality. The property is scheduled to open in early 2024.
“This apartment hotel presented an exciting opportunity to provide financing for a unique hotel experience that will blend a luxury boutique setting with an extended-stay lodging offering,” said Donald Braun, President of HSF. “We believe that this hotel will be a great addition to the Charleston Historic District, one of the nation’s most coveted tourism destinations.”
The 50-room luxury boutique apartment hotel features a premier address on King Street in the heart of Charleston’s Historic District, one of the most popular retail and restaurant corridors in the country. The five-story property is designed by acclaimed Morris Adjmi Architects.
“We are thrilled to break ground on our first ROOST Apartment Hotel in South Carolina and our second project in the city of Charleston,” said David Grasso, President and Co-Founder of Method Co. “ROOST will offer guests in Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the flexibility to stay a few nights or a few months. The building’s design by Morris Adjmi Architects is outstanding; it will be a fitting compliment to the classic architectural charm of Charleston.”
The new property will consist of 52,700 square feet of space comprising a mix of studio, one-, two-and three-bedroom apartment hotel units, a rooftop lounge overlooking downtown Charleston and 27,700 square feet of rentable space. The apartment hotel units are designed with high-end finishing with 9’ ceilings and open floor plans with artwork, live plants, Bluetooth stereos, fully-equipped kitchens, and in-unit washer and dryers. Amenities will include two prime street-level retail outlets, an open-air courtyard, a fitness center, library, breakfast bar, business center and complimentary bicycles for exploring the city. Method Co. will also operate the property’s rooftop
lounge, drawing on significant experience in food and beverage operations to create a space that serves both as an amenity to guests and locals.
Andrew Healy, Vice President of CBRE, sourced the financing for the project.
This is the second hotel construction loan HSF has financed in Charleston. The company also originated a $17.3 million first lien construction loan for a Cambria Suites in Charleston in 2017. HSF is currently on track to close over $1 billion in new construction and bridge loans in 2022, largely targeting the multifamily and hotel sectors.