Dealmaker: Hall Structured Finance Provides $20M for South Carolina Hotel

Photo credit: Contender Development

Hall Structured Finance, Dallas, provided a $20 million first lien construction loan for an Element by Westin hotel in North Charleston, S.C., one mile north of the Charleston Convention Center.

Greenville, S.C.-based companies Contender Development and Broadstreet are developing the 125-room extended-stay hotel on a two-acre site.

The five-story asset will include 300 square feet of meeting space, a fitness center and swimming pool. Guestrooms will range from 270-square-foot studio-style to 642-square-foot suites with fully equipped kitchens and one- to two-bedroom layouts.

“We continue to see a good number of attractive financing opportunities in coastal areas of the U.S., especially in the Southeast,” said HSF Vice President Brian Mitchell. “The Element by Westin is near Charleston International Airport, which saw a record high of 5.3 million visitors in 2022.”

Mitchell noted HSF looks for loan opportunities with experienced and committed development teams, good locations and strong brands.

Ryan Bosch, principal at Arriba Capital, Scottsdale, Ariz., brokered the deal.