Refined Facilitates $3.5M Bridge Loan For Myrtle Beach Development Site On McCormick Rd
FINANCED
$3,500,000
South Carolina
See Similar DealsDevelopment Site
Financed 11/06/2023
FINANCED
Refined Facilitates $3.5M Bridge Loan For Myrtle Beach Development Site On McCormick Rd
Development Site
Financed 11/06/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,500,000.00
Monthly NOI$23,333.33
Monthly Debt Service$22,122.38
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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