Company Generates $38.7 Million for Project Roost > Charleston Business Journal
Dallas-based Hall Structured Finance has launched a new senior construction loan totaling $38.7 million to fund the Roost Apartment Hotel development in Charleston.
The extended-stay boutique apartment hotel will be operated by Philadelphia-based Method Co., a property management, development and design firm rooted in hospitality. The facility is expected to open in early 2024.
“This apartment hotel has presented an exciting opportunity to provide funding for a unique hotel experience that will combine a luxury boutique setting with an extended-stay accommodation offering,” said Donald Braun, president of HSF, in a statement. Press release. “We think this hotel will be a great addition to historic Charleston, one of the most coveted tourist destinations in the country.”
The $61 million project was designed by Morris Adjmi Architects. Capital Square and Method Co. observed the start of construction of the King Street Hotel in July.
Capital Square is a sponsor of tax-efficient real estate investments and developer of multi-family communities.
Developers say the property will be the city’s first upscale extended-stay hotel concept, combining the comfort and functionality of an apartment with the conveniences and design of a boutique hotel, creating a temporary life for a long-term stay.
“We are thrilled to open our first Roost Apartment Hotel in South Carolina and our second project in the city of Charleston,” David Grasso, president and co-founder of Method Co., said in the release. “Roost will offer Charleston guests a comfortable stay in a beautifully designed apartment that feels like a home and the option to stay for a few nights or a few months. The design of the building by Morris Adjmi Architects is exceptional; it will be a fitting complement to the classic architectural charm of Charleston.
Roost has three locations in Philadelphia, one in Cleveland, and one in Tampa, Florida, with another opening soon in Detroit. The Upper King Street neighborhood was attractive for the next Roost because of its status as a tourist destination, but also because the neighborhood supports a burgeoning tech and start-up scene, a generator of high-end residential and hotel development. range, according to the press release. .
Contact Ross Norton at 864-720-1222.