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