May 2023 –Edgewater Group LLC (“Edgewater”) is pleased to announce the refinancing of its super majority units at the Water Street Hotel & Marina (“Water Street”) in Apalachicola, Florida. Water Street is a condominium hotel an Edgewater-affiliated group purchased the super majority of its units in June 2013 for $3.5 Million. The Lender in this transaction was TC Federal Bank. Proceeds from the refinancing were used to pay off a prior loan along with distributions to the Edgewater affiliated group.
The acquisition encompasses 24 units of this 30-unit condo hotel. Opened in 2008, Water Street consists of an approximately 80,000 square foot property that boasts spacious one- and two-bedroom suites, an outdoor pool, conference room, fitness center, and approximately 20 marina boat slips. The condo-hotel is situated on an estuary of the Apalachicola River in Apalachicola, a historical city in the Florida Panhandle that has a strong maritime culture, an eclectic group of locally owned shops, art galleries and restaurants.
Water Street is a member of the Ascend Collection by Choice Hotels. The Ascend Hotel Collection’s global portfolio of the independent resort, historic and boutique hotels is part of Choice Hotels, one of the world’s largest leading hotel companies. Recognized as the hotel industry’s first “soft brand” concept, there are more than 315 Ascend Hotel Collection properties worldwide, including in France, the United Kingdom, Denmark, Finland, Ireland, Norway, Spain, Sweden, Turkey, Australia, Canada, Ecuador, and throughout Mexico, the Caribbean and Central America. Membership with the Ascend Hotel Collection enables distinctive, independent properties to gain a global presence while maintaining their local charm. For more information, visit www.choicehotels.com/ascend.
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.