Case Study: $9MM Surface Parking Lot | Refinance | Myrtle Beach, SC
Structured and arranged medium-term, fixed-rate senior debt to refinance a 2.53-acre surface parking lot along the boardwalk in Myrtle Beach, South Carolina.
Most lenders shy away from financing surface parking lots, preferring structured parking opportunities. Additionally, ownership had less than two years of operating history.
Identified a CMBS lender willing to finance against a seasonally structured, 15-year master lease that effectively guarantees rental payments.