Dallas-based Hall Structured Finance has originated a new first lien construction loan totaling $38.7 million to finance the development of the Roost Apartment Hotel in Charleston.
The extended-stay, boutique apartment hotel will be operated by Philadelphia-based Method Co., a real estate management, development and design company rooted in hospitality. The property is scheduled to open in early 2024.
“This apartment hotel presented an exciting opportunity to provide financing for a unique hotel experience that will blend a luxury boutique setting with an extended-stay lodging offering,” Donald Braun, president of HSF, said in a news release. “We believe that this hotel will be a great addition to the Charleston hstoric district, one of the nation’s most coveted tourism destinations.”
The $61 million project was designed by Morris Adjmi Architects. Capital Square and Method Co. observed the beginning of construction on the King Street hotel in July.
Capital Square is a sponsor of tax-advantaged real estate investments and a developer of multifamily communities.
The developers say the property will be the city’s first high-design, extended-stay hotel concept blending the comfort and practicality of an apartment with the amenities and design of a boutique hotel, creating a temporary living environment for a long-term stay.
“We are thrilled to break ground on 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 guests in Charleston a comfortable stay in a beautifully designed apartment that feels like a home and the flexibility to stay a few nights or a few months. The building’s design by Morris Adjmi Architects is outstanding; 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, Fla., 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 for higher-end residential and hotel development, the news release said.