Mortgage banking giant Holliday Fenoglio Fowler (HFF) has arranged a $30.75 million refinancing for the Wild Dunes Resort, a 1,600-acre luxury beach resort in Isle of Palms, S.C.
HFF worked exclusively on behalf of Lowe Enterprises to secure the five-year, fixed-rate loan through a life insurance company. Loan proceeds are paying off existing debt on the property.
The Wild Dunes Resort is located at 5757 Palm Boulevard on the northern end of Isle of Palms, approximately 11 miles from Charleston, S.C. Situated on 2.5 miles of beachfront, the resort includes the 93-room Boardwalk Inn, two championship golf courses, and the Sweetgrass Pavilion Conference Center.
Other amenities include a tennis facility with 17 courts, The Grand Pavilion with 15,800 sq. ft. of retail, six food and beverage outlets, and The Village Parking and commercial units, which includes 108 spaces and 13,700 sq. ft. of retail. Also included in the collateral for the loan are 396 rental condominium contracts.
Lowe Enterprises is a 39-year old privately owned 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.
HFF is a publicly traded firm (NYSE: HF) that provides commercial real estate and capital markets services to the U.S. commercial real estate industry. The company has 18 offices nationwide. HFF’s stock price closed at $13.74 per share on April 15, up from $8.17 a year earlier.