March 25, 2020
Greenwich, CT-based Knighthead Funding LLC provided King & George Street, LLC with $30.5 million in short-term first mortgage debt for the development of ROOST Charleston, a luxury full-service boutique hotel and 11,003-square-feet of prime retail in Charleston, SC. The non-recourse, floating rate loan has a term of 27 months. It is Knighthead’s first financing in South Carolina.
Knighthead’s Jonathan Daniel says, “Our acquisition and redevelopment financing will help the Sponsor re-position this asset into a Class A mixed-use property.”
The new mixed-use property will be comprised of a newly-constructed building and three redeveloped historic buildings. The site is located at the northeast corner of King and George Streets in the Lower King section of historic Charleston, which is known for its high concentration of luxury retail stores and restaurants.
ROOST will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a restaurant, a café, spa, outdoor courtyard and ground floor retail shops.
For comments, questions or concerns, please contact Dennis Kaiser