Walker & Dunlop has arranged $104.5m in construction financing for the 15-storey Ritz-Carlton Savannah hotel in the US city’s Historic District.
The loan supports TMGOC Ventures, with Walker & Dunlop’s Capital Markets Institutional Advisory and Hospitality Advisory teams coordinating the transaction.
The advisory team consisted of Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Ari Hirt, Dustin Stolly, Jason Schwartzberg, and Sean Reimer, who helped secure funding from The LCP Group.
Jay Morrow and Carter Gradwell from the hospitality team provided additional support to TMGOC.
TMGOC will also utilise federal and state historic rehabilitation tax credit programmes and local property tax abatement to offset qualified expenditures.
Following completion, the project will transform two historic office buildings into a 168-room Ritz-Carlton hotel spanning 190,000ft², offering a range of amenities and food and beverage outlets across several floors and the rooftop.
The hotel site is in a restricted, regulated development area, in proximity to River Street, City Market, Forsyth Park, and the convention centre.
Walker & Dunlop capital markets institutional advisory managing director Ari Hirt said: “With very few luxury hotels currently operating in the market, this property addresses a clear demand for high-end accommodations and amenities.
"We’re proud to have represented TMGOC to bring this much-needed, one-of-a-kind destination to life for visitors to the Savannah area.”
TMGOC investments VP Alison Tan said: “The Savannah Historic District is one of the most sought-after development markets in the Southeast, particularly for hotel projects, given its limited sites, restrictive zoning, and highly selective review process.
"We appreciate Walker & Dunlop’s expertise and steady guidance in navigating a complex transaction and helping bring the Ritz-Carlton Savannah to life.”
