Updated Dec 4, 2024
Rosewood Realty Group Represents Refinance Of Multifamily Property In Myrtle Beach, SC For $5.9M
3701 North Ocean Boulevard, North Myrtle Beach, South Carolina 29582, United States
$5,900,000
Units
52
Asset Type
MultiFamily
Closing
Jun 9, 2022
About this deal
AI
The multifamily property located at 3701 & 2310 N. Ocean Blvd in Myrtle Beach, SC has recently undergone a loan transaction. With a total of 52 units, this property proved to be an attractive investment opportunity in the market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,900,000
- Loan Type: Refinance
- Loan Terms: 75% LTC motel to multifamily conversion
The loan for this property was provided by We Lend. Abe Mann and Aaron Jungreis, representing Rosewood Realty Group, acted as the brokers in this deal. The loan amount of $5,900,000 will aid in the refinancing of the property, allowing for the conversion from motel to multifamily units.
Players
North Myrtle Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93