Case Study: $37MM Retail Property | Development | Myrtle Beach, SC
Structured and arranged a cross-collateralized, non-recourse construction loan for the development of a 42,000-square-foot oceanfront parking, retail and entertainment venue connected to the boardwalk in Myrtle Beach, S.C.
Sponsor was seeking non-recourse construction debt on an out-of-favor asset class without a credit anchor tenant. The size of the loan was larger than the legal lending limit of many of the regional banks.
Sourced financing from a New York-based alternative fund manager that had prior market experience and local presence. Mitigated default risk by cross collateralizing an adjacent operating parking lot to reduce exit LTV.