CapitalMarkets_Casestudy

Case Study: North Myrtle Beach Harbor

North Myrtle Beach Harbor
Myrtle Beach, SC

Raw Land A&D Structured Financing - 55 Acres

The Client:
North Myrtle Beach Harbor

The Transaction:
Tom Pugh of Songbird Development, LLC notified Bruce Davis of his company’s control
of a 55 acre residential site on the Intracoastal Waterway in Myrtle Beach, SC.

The Challenges:
Original plans were to develop as high end single family residences in the $600K range.
Upon discovering that the State DOT had funded plans for construction of a new fly-over
bridge linking Highway 17 Bypass with downtown Myrtle Beach, Songbird went about
creating value added design plans for a high funding mixed-use residential project.
Songbird needed help procuring acquisition funding for the site, as contract deadline was
quickly approaching.

The Results:
Davis was able to source structured financing from a separate existing third party client
who provided both equity and debt with which to facilitate the acquisition of the site,
just prior to contract expiration.

The Bottom Line:
Undertaking involved devising and negotiating an operating agreement, delineating roles
and obligations, performance deadlines, benchmark incentives and predevelopment task
lists for each partner, layout of critical path and implementation of strategic development
plan for the site. Closed the transaction within 30 days from introduction of project to
funding source.

Bryant Commercial Real Estate Partners
One Alliance Center - 3500 Lenox Road NE, Suite 200, Atlanta, GA 30326
Phone: 404.442.2810 Fax: 404.442.2811