Here’s what happens next to the apartment complex at the center of a $24 million dispute
An apartment complex near Coastal Carolina University will soon have a new management company as the property remains at the heart of a $24 million legal fight.
In November, U.S. Bank started the foreclosure process on The Provincial, which is off S.C. Highway 544. The bank claimed that Coastal Ventures LLC owed about $24 million for construction of the housing complex.
On Wednesday, a lawyer for U.S. Bank was in Horry County court for a hearing. Christopher McCurry Towery said that the sides agree to have the Priess Company appointed as a receiver for the complex. The Provincial has 440 units on an 8-acre site about 200 feet away from CCU.
Receivers typically oversee the business of an entity in a legal process.
The Priess Company is a student-housing specialist with properties in 23 states, Towery said. There were no representatives from Coastal Ventures or The Provincial at Wednesday’s hearing.
Judge Benjamin Culbertson approved the appointment of the Priess Company.
U.S Bank says Coastal 544 Ventures was loaned $23 million for the property. Today, Coastal 544 Ventures owes more than $24 million after fees and interest, U.S. Bank claims.
The housing company did not make its May and June payments on time, but when they did pay, the owners failed to pay interest, according to the bank.
Coastal 544 Ventures also has not paid its Horry County 2019 property taxes, the bank states in the filing. According to county tax records, Coastal 544 Ventures owes $283,225.49 in 2019 taxes for The Provincial property. The company does not have any other outstanding tax bills.
