Case Study: $26MM | Single Family Rental | Construction Loan | Myrtle Beach, SC
Structured and placed a first mortgage construction loan to build an 84-Unit Built-to-Rent Community
The Sponsor planned to construct a second built-for-rent community within the limits of a golf course in SC. While most of the surrounding properties are short-term rentals and hotels, the sponsor felt comfortable expanding his portfolio given an increased demand for long-term single family rental properties. The client desire for a high levered non-recourse option disqualified traditional balance sheet lenders as viable options.
Eyzenberg & Company identified a lender specializing in the SFR/BTR asset class. The lender was able to fund a high levered non-recourse loan in a timely manner.