Updated Sep 30, 2026
Abe Mann Secures $17.02 Million Loan For Multifamily Construction In Myrtle Beach
Avenue S
$17,016,400
$165/SF
Building Size
103,000 SF
Asset Type
MultiFamily
Closing
Sep 17, 2026
About this deal
AI
The property asset involved in this transaction is a multi-family structure located at 1672 Reign Street in Myrtle Beach, SC. This asset spans a total square footage of 103,000 and includes 89 units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $17,016,400
- Lender: HUD 221(d)(4)
- Loan Type: Construction
- Loan Terms: 87% LTC max, mid 6s rate fixed for 42 years, 2 years IO followed by 40-year amortization, DSCR 1.15x based on 40-year am, Non-recourse
- Broker: Abe Mann
The deal is represented by broker Abe Mann, who facilitated the transaction, ensuring the financing structure aligns with the project's needs, particularly focusing on construction financing through HUD's programs.
On the Map
$17,016,400
$165/SF
MultiFamily
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Myrtle Beach MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93