$100 Million Development of Condo-Hotel in South Carolina
Coen Capital LLC
Representation of Coen Capital in development of The Landing, a $100 million 150-unit luxury condo-hotel project in Charleston, South Carolina. This condo-hotel, the first in South Carolina to be developed on a ground lease, created challenges with the property owner, the lender, equity investors, and unit owners. Among other issues, the property owner required a mechanism for the steady payment of ground rents even if a unit owner failed to pay rent, and unit owners and the lender required assurances that the ground lease would not terminate for non-payment if any unit owner failed to pay rent.
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