Cambria Charleston Riverview
Cambria Charleston Riverview
RREAF Holdings is seeking a $20M bridge loan to take out high yield debt utilized during COVID on a 126-key, four-story hotel in Charleston, SC
- Loan Size
- $20 M
- Loan Term
- 1-Year
- LTC Ratio
- 65%
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Scott Frank is a Principal at Staghorn Capital Partners and has been involved in commercial real estate finance for over 20 years. His primary responsibilities include originating debt and equity placements for all types of transactions. Prior to forming Staghorn, Scott was a Principal of Willow Bend Commercial Capital and Vice President at NorthMarq Capital, where he structured loans for execution with Fannie Mae, Freddie Mac, CMBS and Life Company on-book portfolios.
Scott has worked for various commercial real estate lenders including Goldman Sachs Mortgage, J.P. Morgan and Prudential Financial. He holds a BA Degree from Southern Methodist University.
RREAF Holdings LLC ("RREAF") is a privately held, vertically integrated commercial real estate company based in Dallas, Texas with roots that go back 35 years in the industry. RREAF focuses its portfolio of commercial real estate projects and development under five main divisions catering primarily to middle America with its programmatic value-add multifamily acquisitions, opportunistic hospitality and resort acquisitions, core ground-up development, large and highly amenitized master planned developments and its ground-up extended stay hospitality development division.
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Capital Stack
Lp-JV Equity
$11.2 M · 35.9%
Bridge Loan
$20 M · 64.1%
- Property Type
- Hotel & Hospitality
- Deal Type
- Refinance
- Risk Profile
- Value-Add
Staghorn Capital Partners has been engaged by RREAF Holdings, LLC (“RREAF”) to secure refi bridge financing for Cambria Charleston Riverview, a 126-room, four-story upscale hotel located near the Ashley River, just minutes from downtown Charleston. Built in late 2019, the hotel is managed by New Castle Hotels & Resorts, with a new 15-year franchise agreement. RREAF is a Dallas based real estate investment firm with 30+ years of experience specializing in the acquisition, development, asset management, and financing of complex hotel and multifamily properties. Currently, RREAF owns eight hotel properties totaling nearly 1,000 rooms.
A visit to Cambria Charleston Riverview is filled with history, adventure, and new experiences – whether traveling for business or leisure activities:
- The Property is located on a 2.9-acre site located at the NE corner of Highway 61 (Fielding Connector) and Ripley Point Drive, immediately adjacent to a Marriott Residence Inn and a Marriott Springhill Suites, and directly across the Ashley River from the downtown Charleston Peninsula.
- The hotel’s convenient riverfront location is perfectly situated to explore Charleston’s historic district, Magnolia Plantation, and the ever-popular Folly Beach.
- Upscale amenities and approachable indulgences include: full-service restaurant Ripley Grill & Bar, outdoor pool and bar, state-of-the-art fitness center, multi-function meeting and event spaces, and business center.
ADVANTAGES
- New Castle owns, operators, and manages 19 hotels across North America consisting of about 2,900 rooms. The company has 30+ years experience in the select-service industry operating as a preferred partner of Marriott, IHG, Hilton, and Choice branded hotels.
- High barrier to entry given skyrocketing real estate prices, limited available land parcels, stringent zoning restrictions, and historic district prohibitions.
- Occupancy gains have accelerated sequentially throughout the Spring into Summer – April: 79.1%; May: 86.8%; June: 91.4%.
DEMAND DRIVERS
- The economy in Charleston is as diverse as the city’s history, with industry such as manufacturing and transportation, tourism, and tech helping to drive the job market and employment growth.
- 7+ million visitors flock to the Charleston region each year, with Travel+Leisure calling Charleston “Best City in the World to Visit”.
- Climate, affordability, quality of life, unparalleled beauty, and excellent schools have led to outsized population and job growth from both baby boomers and millennials alike.
- Port of Charleston is the 4th largest deep-water port on the Atlantic Coast and one of the few Panamax capable ports. BMW, which uses the Port as its primary channel for shipping products, employs 8,000 workers and has invested $7B+ in the region.