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Eastman Companies Secures $16M Loan For Student Housing Redevelopment Near Coastal Carolina University
FINANCED
$16,000,000
South Carolina
See Similar DealsStudent Housing
Financed 07/11/2023
FINANCED
Eastman Companies Secures $16M Loan For Student Housing Redevelopment Near Coastal Carolina University
110 Chanticleer Village Drive
See Similar DealsStudent Housing
Financed 07/11/2023
Summary
SOUTH CAROLINA
Asset Type:Student Housing
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,000,000.00
Monthly NOI$106,666.67
Monthly Debt Service$101,130.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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