Updated Dec 4, 2024
Refined Facilitates $3.5M Bridge Loan For Myrtle Beach Development Site On McCormick Rd
$3,500,000
Building Size
—
Asset Type
Development Site
Closing
Nov 6, 2023
About this deal
AI
A bridge loan in the amount of $3,500,000 was secured for the development site located at 23200 McCormick Rd in Myrtle Beach, SC. The loan terms include a 64% loan-to-value ratio and a 12% interest rate with 1% in and 1% out. The borrower is also allowed to obtain subordinate financing, resulting in a blended loan-to-value ratio of 87%.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,500,000
- Market: Myrtle Beach, SC
- Asset Type: Development Site
- Buildable Square Feet: 25,000
Noam Halevy is the landlord of the development site, and the broker representing the deal is Noele Castillo from Refined agency.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.53%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93