$26MM Surface Parking & Leased Fee Recapitalization | Myrtle Beach, SC

Eyzenberg & Company placed a non-recourse senior bridge loan to recapitalize a development site with existing parking and entertainment operations.


The Sponsor was seeking to repay legacy debt securing an asset that has gone through several volatility cycles due to the Covid pandemic and recent economic pressures on recreational consumers. Though the parking operations were now stabilized and highly profitable, the market tended to favor structured over surface parking. Additionally, the ground lease tenant was a non-credit entertainment operator.

$26MM Surface Parking & Leased Fee Recapitalization | Myrtle Beach, SC


Eyzenberg & Company used its extensive history with the asset and the market to explain the variance in cash flow and reinforce the synergistic effect the successful entertainment tenant was having on parking operations. Furthermore, a strategy was crafted to demonstrate the value of potential development rights once a parking deck was built to activate them. The lender awarded the assignment was not only willing to provide transitional financing but also indicated a strong desire to fund the entire potential mixed-use development.

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