Arriba Capital announces that it recently closed a $20,000,000 senior ground-up construction loan for an Element by Westin in Charleston, SC. The new hotel is strategically located minutes away for the Charleston International Airport, the Charleston Area Convention Center, and near Historic Downtown Charleston. The property is being developed by Contender Development based in Greenville, SC.
The property, located at 4865 North Arco Lane will feature 125 extended stay guest rooms. Building amenities include complimentary breakfast, an outdoor swimming pool, fitness center, a bar, guest laundry room, and a sundries shop.
Ryan Bosch, Principal at Arriba Capital added “Great hotel developments with strong fundamentals are still attracting capital in this climate. We continue to be active in the capital markets when others are pulling back, as this marks our 2nd hotel construction loan closing in 2 weeks. Having experienced sponsors like Contender Development is critical in securing capital today. We’re looking forward to seeing Contender take this one across the finish line and open in 2025.”
