Knighthead Funding has provided Eastman Companies with a $16 million first mortgage to acquire and convert a 437-bed student housing property into 149 multifamily units in Myrtle Beach, SC. Located at 110 Chanticleer Village Drive near the Myrtle Beach National Golf Club, the property had previously operated as student housing for Coastal Carolina University. The value-add opportunity offers nearly all units in “classic” condition with original finishes that will be upgraded through light interior renovations and modest exterior refresh/upgrade to bring them up to market rents for similarly renovated product.
Brian Sullivan, Knighthead’s vice president who originated the loan said: “Our capital will help Eastman’s vision become reality by meeting growing demand for quality multifamily properties in this market.”
