PMZ Realty Capital, LLC, a national boutique real estate investment banking firm, has arranged a $19.5 million construction loan for the Hotel Indigo Charleston located in Mount Pleasant, S.C. The 158-room boutique hotel is scheduled to open later this year.
Hotel Indigo Charleston is designed to be a place that inspires exploration with ties to the surrounding neighborhood with local experiences and culinary feats, including an onsite restaurant and bar. The property is centrally located next to the Arthur Ravenel Jr. Bridge and four miles away from Charleston historic sites including The Market, King Street, and The Battery, along with restaurants and boutique shops.
“Construction loans are becoming increasingly difficult to obtain as lenders are reducing their allocations for them,” Michael H. Sonnabend, managing member of PMZ Realty Capital, says. “We’ve been consistently successful helping our clients obtain new construction financing regardless of market conditions. Our relationships with a breadth of lenders allowed us to help our client, a longtime PMZ client, secure new construction financing. The strength of the Charleston – Mount Pleasant Market as well as the successful track record of the developer made this transaction attractive to lenders.”