CHARLESTON, SC-Wild Dunes Resort, a 1,600-acre luxury beach resort in the Isle of Palms, has secured a $30.75 million refi. The property is 11 miles form Charleston.
Led by senior managing directors Paul Brindley and Daniel Peek, HFF worked exclusively on behalf of Lowe Enterprises to secure the five-year, fixed-rate loan through an undisclosed life insurance company. Loan proceeds are paying off existing debt on the property.
“The complicating nature of the deal is that it’s got a lot of components,” Peek tells GlobeSt.com. “That makes it a little more difficult to underwrite than a traditional hotel.”
Complicated nature, indeed. The Wild Dunes Resort is located at 5757 Palm Boulevard on the northern end of Isle of Palms on two and one half miles of beachfront.
The resort includes the 93-room Boardwalk Inn, two championship golf courses, the Sweetgrass Pavilion Conference Center, a tennis facility with 17 courts, 15,800 square feet of retail, six food and beverage outlets, and The Village Parking and commercial units. Also included in the collateral for the loan are 396 rental condominium contracts.
“The market has improved considerably in the last 12 months,” Peek says. “Our client is a very high profile and very well respected in that business. They’ve been active in the property’s development and maturation. Those are all great selling points for the property. We were able to identify a lender that understands that complicated resort product.”
Lowe Enterprises is a 39-year old privately-owned, vertically integrated real estate development, hospitality and investment advisory and management firm. The company has developed, acquired or managed more than $16 billion of real estate assets. Headquartered in Los Angeles, the firm has regional offices in Northern California, Southern California, Denver and Washington, D.C.
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