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Atlanta & Southeast  + Carolinas  + Apartments  | 
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

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.

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Eastman CompaniesKnighthead Funding

About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.

  • ◦Development
  • ◦Financing
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