Apr
27

Myrtle Beach Condo Tower and Lender Struggle

By

Condo tower feels bite of slumping real estate

April 27, 2008

By David Wren – The Sun News

The collapse of the Grand Strand’s condominium market has left a long line of people on the hook: developers who are stuck with empty units they can’t sell; buyers who are desperate to get out of their sales contracts; banks that loaned millions of dollars for projects that now are struggling; and stock market investors who have seen bank shares plummet.

The economic pain has been widespread, felt by even this area’s strongest developers and established banks.

Such is the case with the Anderson Ocean Club condo project in Myrtle Beach and Carolina First, the bank that loaned $30 million to build that oceanfront tower.

Strand Capital Group, the condo tower’s developer, has a long history of successful Grand Strand projects and Carolina First is part of South Carolina’s largest banking company, The South Financial Group.

Neither, however, have been immune to the Grand Strand’s steep real estate decline……….

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LINK TO ENTIRE ARTICLE HERE:

http://www.myrtlebeachonline.com/news/local/story/430592.html
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