EBSC Lending Closes $19.3M Construction Loan for Luxury Community.
- Aaron Donovan.
- Sep 8, 2025
- 3 min read
Updated: 5 days ago
MOREHEAD CITY, NC — EBSC Lending has closed a $19.3 million construction loan to finance the development of a 40-unit luxury multifamily and mixed-use community in Morehead City, North Carolina. The transaction was completed on an accelerated timeline, with EBSC Lending stepping in to replace the original lender just one week before the scheduled closing and funding the loan within 21 days.
Transaction Overview
The financing supports a new five-story multifamily development located near the recently renovated Carteret General Hospital, as well as multiple employment centers, schools, and retail destinations. The property will feature a mix of studio, one-bedroom, and two-bedroom residences, each designed with high-end finishes including luxury wood flooring, two-tone accent paint, stainless steel appliances, premium kitchen fixtures, and integrated smartbox technology to support modern wiring and high-speed connectivity.
Planned amenities include controlled access, concierge service, courtesy patrol, rooftop terraces, and approximately 8,100 square feet of ground-floor retail space. Additional community features will include a tenant lounge and coworking space, clubhouse, swimming pool, outdoor pavilion with grilling areas, playground, and dog park, creating a comprehensive lifestyle-oriented residential offering.
The financing was executed under time-sensitive circumstances after the original lender exited the transaction shortly before closing. In connection with the execution, Martin Alex, Chief Executive Officer of EBSC, stated, “When the original lender unexpectedly pulled out just days before closing, our team was able to mobilize quickly and bring the deal across the finish line in three weeks. This is exactly where we see opportunity—in stepping in to deliver certainty for strong projects backed by capable sponsors. This development checked all the boxes.”
From the sponsor’s perspective, the transaction reinforced a long-standing relationship with EBSC Lending. The sponsor noted, “We’ve worked closely with EBSC for many years, and they’ve always been outstanding partners. This is an exciting, high-growth area, and we believe this development will attract strong demand from renters seeking spacious, well-appointed living spaces.” The closing marks the sponsor’s second active project in the North Carolina market, with two additional sites currently progressing through the entitlement process.
Market Context + What It Means
Morehead City continues to benefit from steady population growth, proximity to coastal amenities, and expanding healthcare and employment infrastructure. Demand for modern, well-amenitized rental housing remains strong, particularly for developments that offer both residential and neighborhood-serving retail components.
At the same time, construction financing has become increasingly selective, especially for projects requiring speed and certainty under compressed timelines. Private construction lenders capable of executing quickly play a critical role when traditional capital sources are unable or unwilling to perform late in the process.
By delivering a rapid, decisive financing solution, EBSC Lending enabled the sponsor to preserve project momentum, avoid delays, and move forward with construction while maintaining confidence in execution and capital certainty.
Frequently Asked Questions
What type of loan did EBSC Lending provide for this project?
EBSC Lending provided a $19.3 million construction loan to finance the development of a luxury multifamily and mixed-use community in Morehead City, North Carolina.
How quickly was the financing completed?
EBSC Lending closed the loan within 21 days after stepping in to replace the original lender shortly before the scheduled closing.
Why is Morehead City an attractive multifamily market?
Morehead City benefits from proximity to healthcare facilities, employment centers, retail destinations, and coastal amenities, supporting strong renter demand for new residential communities.
What types of projects does EBSC Lending finance?
EBSC Lending provides bridge loans, construction loans, and customized private financing solutions for multifamily, mixed-use, and commercial real estate projects across primary and secondary U.S. markets.
Related EBSC Lending Financing Programs
EBSC Lending provides flexible private capital solutions across the United States, including:
Commercial Bridge Loans – Short-term financing for transitional and stabilized commercial real estate assets
Ground-Up Construction Loans – Customized construction financing for multifamily and mixed-use developments
Multifamily Financing – Acquisition, construction, and refinance loans for apartment communities
