New York, NY – June 3, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it provided a $22 million loan with Freddie Mac’s Lease-Up Program to facilitate the financing of a newly constructed multifamily property located in Myrtle Beach, South Carolina. The 10.5-year loan term includes 5 years of interest-only payments.
Vinings at Carolina Bays is a 264-unit apartment complex that was built in two phases; the final units of the second phase just received certificates of occupancy in February 2015. “The first phase consists of 192 units and had leased-up. Hunt Mortgage was then able to close a permanent, fixed-rate loan for the borrower upon completion of construction even though much of the second phase still needed to be leased-up,” commented John Beam, Managing Director of Hunt Mortgage Group.
The complex is comprised of 11, three-story residential apartment buildings, 5 buildings containing garages, plus a leasing office. Property amenities include a clubhouse with a Cyber Café, fitness center, rentable storage rooms, a car care center, outdoor kitchens, a community fire place, and dog park. “Based on the quality of construction and the strong amenity package, Vinings at Carolina Bays is the top-of-the-market complex in the Myrtle Beach market,” noted James Kelly, Vice President of Hunt Mortgage Group, who also worked on the loan.
Myrtle Beach is one of the major centers of tourism in the United States because of the city’s warm subtropical climate and extensive beaches, attracting an estimated 14 million visitors each spring, summer and fall. Additionally, the area boasts over 250 golf courses, which represents another significant portion of the local economy. Myrtle Beach features a solid manufacturing sector, producing plastics, rubber, cardboard, foam and ceramic products, but this portion of economy plays a small part when compared to tourism and leisure.