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Eastman Secures $16M Loan to Convert CCU Student Housing to Multifamily
Knighthead Funding has provided Eastman Companies with a $16 million first mortgage for the acquisition and conversion of a 437-bed student housing property into a 149-unit multifamily property in Myrtle Beach, SC.
Located at 110 Chanticleer Village Drive adjacent to the Myrtle Beach National Golf Club, the property has operated as student housing for Coastal Carolina University. It offers a strong value-add opportunity with nearly all units in “classic” condition with original finishes. The sponsor plans to convert the current layout into 144 three-bedroom apartments and five studio units, including light interior renovations and a modest exterior refresh/upgrade to bring the units in line with market rents for similarly renovated product.
“Our capital will help the sponsor’s vision for this property to become reality, which will help meet the growing demand for quality multifamily properties in the market,” said Brian Sullivan, Knighthead’s vice president who originated the loan.
- ◦Development
- ◦Financing




