CHATHAM, NJ—Cronheim Hotel Capital (CHC) has secured $17.5 million in funding for three hotel properties for a South Carolina-based hotel development company—a Hampton Inn in Anderson, SC and a Hampton Inn and Fairfield Inn & Suites in Greenwood, SC.
Despite two of the assets being located near each other in a small market—Greenwood, SC—the loans were each closed on a standalone basis, not cross-collateralized, according to the company. CHC closed the loans with two different lenders to ensure that the loans would remain separate.
“These were challenging deals. One hotel was on a ground lease, one was nearly 27 years old and had a franchise rolling within the loan term and the third had only five years remaining on the franchise term,” said David Turley, principal, CHC. “We are pleased to have executed a difficult assignment for a borrower with a proven track record and a growing portfolio.”