Case Study: $23MM Entertainment Retail Property | Acquisition | Myrtle Beach, SC
Placed a permanent loan for the acquisition of a stabilized oceanfront vertical entertainment complex in Myrtle Beach, SC.
The Anchor tenant had not yet taken possession of their space thereby creating a potential issue for credit underwriting and pricing. Furthermore, the closing could not be pushed out further due to buyer’s 1031 exchange timing requirements.
EyzenCo identified several CMBS lenders willing to aggressively underwrite a vertical retail entertainment complex. The winning bidder provided a 10-year interest-only loan and structured around a tenant not yet in occupancy.