Chelsea Capital Partners
Through the Loan Opportunity Fund, Chelsea Capital Partners (CCP) targets selected commercial and property loan assets spanning the sub-performing, non-performing, and performing spheres. The fund maintains a strong presence in the southeastern market, which experienced sustained valuation declines throughout the recession years and offers opportunistic acquisition potential. Chelsea Capital Partners foresees a positive long-term outlook for the southeastern region due to a combination of demographics, infrastructure improvements, and corporate investment.
Over the past three decades, CCP has undertaken diverse acquisitions for hotels valued at more than $250 million. In 2007, the firm purchased the Carnegie Building in a distressed sale for approximately $11.5 million. This purchase took advantage of incentive programs such as the new markets tax credit. In late 2010, the office building property was converted into a Courtyard by Marriott hotel that encompasses 150 rooms. The historic landmark registry-listed property has been extensively renovated and includes a Café Intermezzo restaurant.