December 9, 2021 – Edgecap Partners II, LLC, an affiliate of Edgewater Group LLC (“Edgewater”) is pleased to announce the refinancing of the Choice Sleep Inn in Destin, FL (“Property”).
The Property is owned by EC Hospitality LLC and was initially financed at the time of purchase by Capital City Bank in December of 2017 for a purchase price of $6,500,000. As a direct result of the performance of the property and as a result of this refinancing from Capital City Bank, 56% of equity has been distributed to date towards the original equity investment in the Property.
The Sleep Inn is a recently renovated 77 room hotel located in walking distance to Miramar Beach and directly across the street from Silver Sands Premium Outlet, the area’s largest Outlet Mall, with over 110 designer and brand name outlet stores and restaurants.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.