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RockBridge Capital Announces $8,950,000 First Mortgage Loan For Acquisition And Renovation Of Sheraton In North Charleston, SC |
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Columbus, Ohio-based RockBridge Capital, LLC (“RockBridge”) today announced the closing of an $8,950,000 first mortgage loan for the acquisition and renovation of the Sheraton in North Charleston, South Carolina. James T. Merkel, Managing Director of RockBridge, made the announcement. |
Originally constructed as a full-service Marriott in 1983, the property was converted to a Sheraton in 2000. It features 296 guest rooms with internet data ports, The Lobby Bistro restaurant, Bogie's Bar & Grille, 27-inch guestroom televisions, 11,000 square feet of gathering space, and a 6,095 square foot ballroom that is divisible into six smaller rooms. The property is located near the Charleston International Airport, the North Charleston Convention Center, the Coliseum & Performing Arts Center, Charleston Air Force Base, and other significant demand generators.
The sponsor is a joint-venture between Welcome Holdings, Inc. ("Welcome") and First American Hotels ("First American"). The two entities own and operate 12 hotels across North Carolina, South Carolina, and Georgia, under various flags that include Sheraton, Hampton Inn, Holiday Inn, Hilton Garden Inn, and Courtyard by Marriott. The sponsor will invest $3.4MM to renovate all guest rooms and public areas. Further, their new management team will implement cost savings measures while providing a new level of customer service.
Commenting on the transaction, Merkel indicated, "The transaction was remarkably well-executed by all parties, in particular when considering the exceptionally short time constraint, and the fact that it was our first transaction with both Welcome and First American. We are looking forward to being a part of Welcome's and First American's future success."
Merkel went on to explain, "RockBridge continues to identify and fund investments that offer strong, risk-adjusted returns. It is easy to be distracted by short-term events and lose sight of the long-term value creation opportunities that are presenting themselves in this environment. This transaction is a perfect example of what RockBridge looks for in a transaction: exceptional basis, recovering market, entrepreneurial sponsorship, and meaningful equity."
Based in Columbus, Ohio, RockBridge provides capital to the real estate industry through the RockBridge Real Estate Funds. Since 1993, the principals of RockBridge have formed and managed six (6) closed-end real estate funds with both institutional and high net worth investors. RockBridge originates bridge first mortgage loans, mezzanine loans, and preferred equity investments, primarily in the hotel sector. Since 1993, the RockBridge team has invested over $500MM in more than 225 assets nationwide, with aggregate transaction capitalization exceeding $3 billion. For additional investment and financing opportunities available through RockBridge Capital, contact James T. Merkel at (614) 246-2505.
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RockBridge provides capital to the real estate industry through the RockBridge Real Estate Funds. Since 1993, the principals of RockBridge have formed and managed six (6) closed-end real estate funds with both institutional and high net worth investors.
RockBridge originates bridge first mortgage loans, mezzanine loans, and preferred equity investments, primarily in the hotel sector. |
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