EYC Companies based in Charleston SC has closed on a $14 million senior secured construction loan to finance the building of a $20 million multifamily development in Shallotte NC.
Birmingham, Alabama-based Capstone Building Corporation will be the general contractor for the project expected to be completed in 2022.
Heartsease Shallotte—a craftsman-style cottage community—will be the second such project that EYC Companies has begun in the past 12 months “and the first of many luxury single-family build-for-rent projects the company has planned in the Carolinas,” the company said in a Jan. 12 statement.
Heartsease will offer single level living spaces, garages, private yards and driveways within a low density neighborhood. There will be three acres of community green space, a clubhouse and fitness center, walking trails, swimming pool, and game courts.
“We are thrilled to debut this unique project in Shallotte,” said Ellis Coleman, principal of EYC Companies. “It will offer a new level of single-family living for residents looking to get back to nature in this beautiful coastal haven.”