Eyzenberg & Company arranged a $9.5 million pre-development loan for a fully entitled, 295-unit branded residential condominium resort in Myrtle Beach, South Carolina. The financing retired an existing bridge loan and funded site work, pre-sales marketing, and reserves to position the project for seamless transition into vertical construction.
Challenges
The transaction required recapitalization at a critical point in the development cycle. The existing bridge loan was nearing maturity, creating pressure to secure replacement financing without disrupting project momentum. While the site was pad-ready and presales marketing had been launched, unit sales had not yet commenced, requiring a lender comfortable with entitlement value and forward projections rather than current revenue. In addition, the phased plan involved four towers on a single tax lot, limiting collateral flexibility and necessitating a capital source willing to structure around the full build-out.
