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. The advisory team arranged the $104.5 million of capital provided by The LCP Group, and the hospitality team assisted and advised TMGOC Ventures throughout the process. TMGOC also will utilize federal and state historic rehabilitation tax credit programs, providing 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 the two components across 190,000 square feet. The project will offer amen
