[[{“value”:”
TMGOC Ventures has secured a $104.5 million construction loan to advance development of the Ritz-Carlton Savannah, a planned 15-story luxury hotel in Savannah’s Historic District. The financing is intended to support the transformation of two existing office buildings into a 168-key Ritz-Carlton-branded property in the heart of the district.
Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the financing on behalf of TMGOC Ventures. A team including Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg arranged the capital, which is being provided by The LCP Group.
In addition to the loan proceeds, TMGOC Ventures plans to use federal and state historic rehabilitation tax credit programs as part of the capital stack. These programs are expected to provide tax credits tied to qualifying rehabilitation expenditures. The project will also make use of local property tax abatement programs, further enhancing the economics of the historic redevelopment.
Upon completion, the Ritz-Carlton Savannah will represent the historic redevelopment of two existing office buildings into a 168-key luxury hotel. The structures were originally built in 1911 and are recognized as a designated historic property. The property is noted as downtown Savannah’s first skyscraper and, at the time of its development, the city’s tallest building.
The redevelopment is located within Savannah’s Historic District, a core area of the city known for its historic architecture and walkable urban fabric. Positioning the Ritz-Carlton flag within this district underscores the continued reuse of historic building stock for hospitality uses in central Savannah.
The combination of construction financing from The LCP Group, historic tax credits, and local tax abatement is designed to support the repositioning of the 1911-era office buildings into a modern luxury hotel while preserving their historic character. TMGOC Ventures is advancing the project with Walker & Dunlop’s capital markets and hospitality advisory teams coordinating the financing effort.
The post TMGOC Ventures Secures $104.5M Construction Loan for Ritz-Carlton Savannah Hotel appeared first on CRE Market Beat.
“}]]
