Walker & Dunlop Arranges $104.5 Million Construction Financing for Ritz-Carlton Savannah
Walker & Dunlop, Inc. announced today that it has arranged a $104.5 million loan to facilitate the construction financing for the Ritz-Carlton Savannah, a 15-story luxury hotel located in the heart of Savannah's Historic District.
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Ritz-Carlton Savannah. Photo Credit: TMGOC Ventures
Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Hospitality Advisory partnered to arrange the transaction for TMGOC Ventures. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Ari Hirt, Sean Reimer, and Jason Schwartzberg of the Advisory team arranged the $104.5 million of capital provided by The LCP Group, L.P. Jay Morrow and Carter Gradwell of the Hospitality team assisted and advised TMGOC Ventures throughout the process. TMGOC will also utilize federal and state historic rehabilitation tax credit programs, allowing for tax credits for qualified expenditures and local property tax abatement programs.
Upon completion, the hotel will comprise the historic redevelopment of the two existing office buildings into a 168-key beautifully appointed, Ritz-Carlton hotel, blending each component across 190,000 square feet. The project will offer boundless amenities, and multiple F&B outlets across the hotel's lower level, ground floor, second floor and rooftop. Originally constructed in 1911, the property holds the distinction of being downtown Savannah's first skyscraper, its tallest building, and a designated historic structure.
"Located in the heart of Savannah's Historic District, the Ritz-Carlton Savannah will redefine premium luxury hospitality with a fresh, design-driven approach," said Hirt, managing director of Capital Markets Institutional Advisory at Walker & Dunlop. "With very few luxury hotels currently operating in the market, this property addresses a clear demand for high-end accommodations and amenities. We're proud to have represented TMGOC to bring this much-needed, one-of-a-kind destination to life for visitors to the Savannah area."
The property is situated in Savannah's Historic District, one of the Southeast's most constrained markets for new development. Recent zoning limits high-density hotels and prohibits demolition of historic structures, creating a rare, once-in-a-generation redevelopment opportunity. Located within immediate proximity to River Street, City Market, Forsyth Park, and the convention center, the project is well positioned to capture both leisure and corporate demand. Nearby major economic and demand drivers include the Plant Riverside District, Broughton Street, the Savannah College of Art & Design, and the Port of Savannah.
"The Savannah Historic District is one of the most sought-after development markets in the Southeast, particularly for hotel projects, given its limited sites, restrictive zoning, and highly selective review process," said Alison Tan, VP of Investments at TMGOC. "We appreciate Walker & Dunlop's expertise and steady guidance in navigating a complex transaction and helping bring the Ritz-Carlton Savannah to life."
In 2025, Walker & Dunlop's Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers, owners, and operators. To learn more about Walker & Dunlop's broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About TMGOC Ventures
TMGOC Ventures is a real estate and development private equity firm with more than 150 years of combined experience specializing in the hospitality and multi-family sectors. Co-founded by Sunju Patel and Glenn Alba, TMGOC Ventures was born out of an entrepreneurial spirit and is guided by an institutional mindset focused on acquiring and developing a robust hotel and residential portfolio that creates value for investors, partners, and communities. TMGOC's portfolio consists over $1.4 billion in existing and development pipeline investments comprising 3,312 hotel keys, along with opportunistic multi-family, office and retail investments. The company is headquartered in Boca Raton, Fla. To learn about investment opportunities and current projects, visit www.tmgocventures.com.
About The LCP Group, L.P.
The LCP Group, L.P. ("LCP") is a private real estate investment manager with approximately $1 billion in assets under management and a track record spanning more than five decades. Founded in 1973, LCP invests across the hospitality sector through a combination of equity ownership and private credit strategies executed alongside top-tier institutional partners. LCP's credit platform focuses on whole loans and structured financing solutions for hotel acquisitions, redevelopment, adaptive reuse, construction, and recapitalization transactions.
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