Eyzenberg & Company arranged a senior secured bridge loan to recapitalize a mid-lease up 82 unit Build for Rent community in Myrtle Beach, SC
Challenges
The Sponsor was seeking to recapitalize the property to cover a higher than expected interest reserve requirement for the senior construction loan due to increases in SOFR. Furthermore, any extension would require a further funding for a current pay requirement of the existing preferred equity provider. An influx of new deliveries was providing headwinds for leasing efforts necessitating an increase in expected concessions.
