Structured and arranged a cross-collateralized bridge loan to recapitalize a newly built 42,000-square-foot oceanfront retail entertainment complex and 218-space parking lot in Myrtle Beach, S.C.
Challenges
The client was seeking to repatriate capital while retiring its current construction loan upon obtaining a certificate of occupancy. The asset was not yet fully leased, and a significant portion of the underwritten cash flow was attributed to future parking income.
