Eastman Companies Secures $16M Loan For Student Housing Redevelopment Near Coastal Carolina University

Eastman Companies has obtained a $16 million loan to convert a 437-unit student housing property near Coastal Carolina University into a multifamily property. The redevelopment will include 149 units and is aimed at meeting the demand for multifamily housing in the area.

Summary of transaction details

• Property Type: Student Housing
• Transaction Amount: $16,000,000
• Units: 437
• Address: 110 Chanticleer Village Drive
• Market: Myrtle Beach

Knighthead Funding, represented by Brian Sullivan, provided the $16 million loan for the project. The landlord in this deal is Eastman Companies, represented by Zach Schofel. This loan is an acquisition loan, enabling Eastman Companies to convert the student housing property into a multifamily property near Coastal Carolina University.