Walker & Dunlop Arranges $104.5 Million Loan for Ritz-Carlton Hotel
The company states: "Walker & Dunlop announced that it has arranged a $104.5 million loan to facilitate the construction financing for the Ritz-Carlton Savannah, a 15-story luxury hotel located in the heart of Savannah's Historic District. Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction for TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the Advisory team arranged the $104.5 million of capital provided by The LCP Group, L.P. Jay Morrow and Carter Gradwell of the Hospitality team assisted and advised TMGOC Ventures throughout the process. TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs. Upon completion, the hotel will comprise the historic redevelopment of the two existing office buildings into a 168-key beautifully appointed, Ritz-Carlton hotel, blending each component across 190,000 square feet. The project will offer boundless amenities, and multiple F&B outlets across the hotel's lower level, ground floor, second floor and rooftop. Originally constructed in 1911, the property holds the distinction of being downtown Savannah's first skyscraper, its tallest building, and a designated historic structure."
