PROGRESS CAPITAL | Myrtle Beach, SC – $16,400,000
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Myrtle Beach, SC – $16,400,000

About This Project

$16,400,000 Secured in Refinance of South Carolina Multifamily Portfolio


Myrtle Beach, SC – Abe Mann secured $16,400,000 to refinance a package of six multifamily properties located in Myrtle Beach, South Carolina. The properties totaled 220 units and were all acquired in the last 24-36 months. After extensive renovations and an increase to the NOI, the sponsors approached Abe with a desire to cash-out and refinance their current debt with long-term fixed rate financing.


Abe Mann negotiated and secured the following key terms:

  • 75% LTV
  • 4.40% fixed for 12 Years
  • 2 Years Interest Only
  • 30 Year Amortization
  • Non-Recourse
  • 100% Cash out of initial equity investment


The sponsors were very pleased with the execution of Abe’s team, as the loan was committed and closed in a timely manner. In addition, due to treasury yields decreasing, the borrower saw a 30 bps decrease to the interest rate compared to the rate presented on the LOI.


Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million…we will get you to the closing table … plain and simple  – #thatsPROGRESS