Myrtle Beach, SC multi-housing complex receives $9M financing arranged by HFF

DALLAS, TX – The Dallas and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $9 million in financing for Alta Surf Apartments, a 216-unit multi-housing complex in Myrtle Beach, South Carolina.

HFF directors Brian Carlton (top right photo) and Ike Ojala (middle left photo) worked on behalf of the Miami-based borrower, Tate Capital Real Estate Solutions, LLC, to secure the seven-year, fixed-rate loan through HFF’s Freddie Mac (Federal Home Loan Mortgage Corporation) Program Plus® Seller/Servicer relationship.

 The loan was made under Freddie Mac’s Capital Markets Execution (CME) program and Freddie Mac intends to securitize the loan in the near future. One of Tate Capital’s entities acquired the property all-cash in late 2009.

Completed in 2007, Alta Surf Apartments is 88% occupied and community amenities include a resort-style swimming pool, clubhouse, fitness facility, billiards room, laundry facility, car wash, storage units and detached garages. The property is located at 101 Breakers Drive in Myrtle Beach.

Tate Capital focuses on distressed multi-housing and commercial real estate and has developed, contracted and managed more than $1 billion of commercial real estate assets primarily in Florida, Texas, North and South Carolina, the Northeast United States and the Caribbean.

Contacts:

Brian Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com
Ike Ojala, HFF Director HFF, (305) 448-1333, iojala@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com