United Bank Provides $53M Construction Loan for South Carolina Luxury Hotel
Kiawah River Hospitality Group has secured a $53 million construction loan for The Dunlin, a luxury hotel near downtown Charleston in South Carolina, Commercial Observer has learned. United Bank provided the loan.
Newmark’s Jordan Roeschlaub, Dustin Stolly and Nick Scribani negotiated the debt.
Located at 33 Reed Blvd, The Dunlin is a five-star, 72-key luxury waterfront hotel located within the Kiawah River residential resort community on South Carolina’s Johns Island. The planned property will consist of 72 cottage suites, and include a restaurant, lounge and spa, as well as more than 10,000 square feet of event space and a 5,200-square-foot wedding hall.
The hotel is the newest addition to the Auberge Resorts Collection‘s portfolio of hotels, resorts and residences and is expected to open in 2024.
“The lending community was able to grasp the sponsor’s vision,” Stolly said. “The development’s coastal appeal, connection to natural elements and proximity to downtown Charleston highlight crucial demand drivers in the resurgence of the hospitality market.”
“The Auberge Resorts Collection brand is world-renowned for delivering world-class projects and immersive experiences,” added Roeschlaub. “The Dunlin is a testament to the lender’s appetite for unique product offerings in an extremely competitive marketplace.”
Officials at Kiawah River Hospitality Group and United Bank did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
