Cronheim Mortgage secures $20.7 million interest only financing for 149-unit multifamily property in Myrtle Beach, SC

Myrtle Beach, SC Cronheim Mortgage has arranged $20.70 million in permanent financing for The Brixley, a 149-unit multifamily property. Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured the five-year interest-only financing on behalf of Eastman Residential, a real estate investment and development firm focused on multifamily housing in U.S. markets.

The Brixley features a unit mix that includes 144 three-bedroom units, 4 one-bedroom units, and 1 studio. Residents of the Brixley enjoy an amenity package complete with a resort-style pool, an outdoor chef’s kitchen, on-site fitness facility, a clubhouse, and a dog park. Since acquiring the property in 2023, the sponsor has completed renovations to both the interior and exterior of the property. Within more than 60% of units, the sponsor completed interior renovations including granite countertops, vinyl wood flooring, stainless steel appliances, and paint. Exterior and amenity upgrades included a renovated pool, new playground, expanded dog park, outdoor kitchen, refreshed landscaping, and a refinished parking lot. The property was 96% leased at closing.

Within the city, the subject benefits from a location off of U.S. Rte. 501. The roadway provides access to several entertainment, employment, and retail options including Myrtle Beach itself, Coastal Carolina University, the Conway Medical Center, and the Tanger Outlets Myrtle Beach.