The Radisson Hotel Charleston SC
Creates 11 new jobs and retains 48 existing jobs.
North Charleston, SC - Charleston County
Innovative bond financing from the S.C. Jobs-Economic Development Authority (JEDA) has helped a hospitality property investor buy and renovate the 159-bed Radisson Hotel Charleston Airport.
RCB Hospitality secured a taxable economic development revenue bond of $8.4 million to finance the acquisition, renovation and refurnishing of the hotel in the commercial area on Rivers Avenue off Interstate 26 near the Charleston International Airport.
“We were able to maximize our investment in this project because of the favorable rates and terms provided by JEDA bond financing. Charleston is a great market to be in and this made it happen, ” said Avi Ryzman of Croft Properties in New York and California, who led the project for RCB Hospitality.
RCB Hospitality paid $5.3 million for the eight-story, 115, 000-square-foot facility last spring and began an upgrade that includes the retention of 48 existing jobs and adds 11 new positions within two years of its completion.
“JEDA’s taxable bonds are a valuable tool in leveraging the interest of savvy outside investors in South Carolina. Helping them take advantage of the opportunities we offer is a privilege for our firm, ” said Sam Howell, Bond Counsel with Howell, Linkous & Nettles in Charleston. (www.bond-law.com)
“These kinds of deals are a win-win-win, ” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia. “The investor takes advantage of historically low interest rates, the local economy gets a boost in tax dollars generated and money spent at local businesses, and perhaps most importantly, jobs for our citizens are retained and added.”