DLP Capital Approves $60 Million Loan for Phase I Margaritaville Vacation Residences
DLP Capital is proud to announce the successful closing of a $60 million vertical construction loan with Falcone Group and M Group Companies.
The loan proceeds will fund the refinancing of the existing horizontal development loan on Margaritaville Vacation Residences at Myrtle Beach and the start of vertical construction on Phase I of the project.
A Premier Resort-Style Complex in Myrtle Beach
Located in the highly desirable Myrtle Beach, South Carolina market, Margaritaville Vacation Residences will bring resort-style living, designed for vacationers and residents alike, to one of the East Coast's most vibrant coastal destinations.
Phase I of Margaritaville Vacation Residences at Myrtle Beach will feature two four-story buildings, which will make up the first half of an eventual four-building resort-style complex. Upon completion of this first phase, the project will deliver more than 125 condominium units consisting of one-bedroom, two-bedroom, and three-bedroom units.
Floor plans range from approximately 750 to 1,500 square feet, with an average of roughly 1,000 square feet. Each residence will also feature a balcony.
In addition to in-unit upgrades designed for coastal living, future residents will have access to a suite of Class A amenities. The property will feature a modern clubhouse complete with a restaurant and performance stage, a food and beverage outlet, a state-of-the-art fitness center, and an on-site Margaritaville Store. Outdoor amenities will include a resort-style pool, a splash pad, and poolside cabanas. The property will also include approximately 450 surface parking spaces.
Margaritaville Vacation Residences’ central location in Myrtle Beach positions it within a fast-growing coastal market. Thanks to a robust tourism industry, exceptional coastal access, and a highly favorable cost of living, the city’s population expanded by 14.7% between 2020 and 2025.1 As retirees, remote workers, and families continue to settle in Myrtle Beach, this influx of new residents and vacationers will potentially generate demand for premium, resort-style housing.
Transaction Highlights
DLP Capital’s Lending Fund will support the first-mortgage vertical construction loan to Falcone Group and M Group Companies for Phase I of this two-phase development.
The $60 million loan features a 30-month term with two six-month extension options and is structured at a Loan-to-Value (LTV) of approximately 74.5% and a Loan-to-Cost (LTC) of approximately 88%.
About Falcone Group
Led by Founder and CEO Art Falcone, Falcone Group is a national real estate developer headquartered in Boca Raton, Florida.2 With over 45 years of operating history, the firm has successfully developed and acquired a portfolio spanning over 30,000 single-family homes, 30,000 multifamily apartments, and 15 million square feet of commercial space.3 Falcone Group leverages its rich expertise in large-scale mixed-use projects, residential communities, and entertainment venues, to redefine how Americans live, work, and play.
About M Group Companies
Under the leadership of Chairman and CEO Patrick Marino, M Group Companies operates as a diversified real estate developer and value-add investor. The firm, headquartered in Florida and Texas, owns and manages a nationwide portfolio encompassing multifamily housing, build-to-rent single-family communities, industrial properties, self-storage, and credit-tenant retail.4 Known for its value-based approach to real estate investing, M Group Companies targets off-market deals and distressed assets, as well as single-family, multifamily, and build-to-rent real estate.