AUGUSTA, GA-The historic six-story, 145-room Partridge Inn at 2110 Walton Way has received $16 million in refinancing. Loan proceeds repaid existing debt and returned capital to the partners.

Holliday Fenoglio Fowler managing director Dan Carlo and managing director Mark Remington represented the borrower, an affiliate of the New South Partners hotel company and the Global Asset Alternatives investment group, both of which are based in Atlanta. Conduit lender RBS Greenwich provided a securitized, fixed-rate loan that is interest only throughout its five-year term.

Remington tells GlobeSt.com that the owners acquired the property over a year ago and made capital improvements to the property. "The loan will provide permanent financing for the property," he says. "It was part of the life of the project."

Originally built in 1861, the inn was the first Georgia hotel included in the Historic Hotels of America Collection by the National Trust for Historic Preservation. The property underwent a $6-million total renovation in 2005 to 2006. The property features 5,000 sf of meeting space, a fitness facility, outdoor swimming pool, business center, the Verandah Grille and the Bamboo Room. The inn overlooks Downtown and is close to the Augusta National Golf Course, the Augusta Medical Complex, the central business district and the Riverwalk entertainment corridor.

One of the unique aspects of the loan was that it was underwritten using pro-forma, or future, income rather than historical data. "We were able to generate more proceeds than the client originally anticipated on an interest-only basis for this spectacular boutique hotel because of our ability to focus the lender's underwriting on a pro-forma, not historical income," Remington says.