2005 Transactions
Tremont Structures $7,000,000
Permanent Financing for South Carolina Hotel
The
Hartford office of Tremont Realty Capital structured financing
for the acquisition of the 100-room Hampton Inn & Suites
Bluffton-Sun City in Bluffton, South Carolina. Built in
2001, the newest hotel in the city has a business center,
a fitness facility and an on-site florist. The property
is located just six miles from Hilton Head, SC and is managed
by CRM Companies of Lexington, KY.
Stephen Henderson, a Senior Director with
Tremont, arranged the $7,000,000 fixed rate loan, which
was funded through a CMBS lender. The 10-year, non-recourse
loan provided for acquisition financing with a 6.2% interest
rate and a 25-year amortization. The borrowing entity was
a TIC (tenants in common) comprised of twenty separate TICs.
According to Henderson, "the borrowing structure created
some unique problems for both the acquisition and the loan,
however Tremont worked closely with the lender to create
a loan satisfactory to all parties involved."
For additional information on this transaction, please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
