$35MM Build for Rent Development | Myrtle Beach, SC

Structured and placed a first mortgage construction loan to build an initial 100 houses in a 130-unit Build for Rent community.     


The sponsor intended to build a single-family rental housing community at a famous Legends golf course in Myrtle Beach. While most of the surrounding properties are short-term rentals, the sponsor felt comfortable introducing the new product given recent trends of consumers relocating to suburban areas. The COVID-19 pandemic proved to be the greatest challenge for the transaction, with many capital providers pausing or increasing pricing while reducing leverage.

$35MM Build for Rent Development | Myrtle Beach, SC


Eyzenberg & Company identified a specialized lender experienced with the development strategy and product. Structured a non-recourse senior-secured revolving facility that provided maximum leverage for the first two phases of the project, enabling the developer to seamlessly order and deliver houses to the site. Facilitated and managed a complicated closing process to avoid construction and delivery delays.

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