Local apartment complex owes $24 million, bank claims. Now, it wants the property
A bank wants to take ownership of an apartment complex near Coastal Carolina University because it claims the company operating the facility owes more than $24 million.
U.S Bank filed court paperwork this week against Coastal 544 Ventures LLC. That is the company that is listed as the property owners for 650 S.C. Highway 544 outside of Conway.
The Provincial, a $26 million apartment complex, sits at that address. The facility has 440 units on an 8-acre site about 200 feet away from CCU.
According to tax records and property tax maps, Coastal 544 Ventures is listed as the current owner of the property. An official at the Provincial said on Tuesday that Coastal 544 Ventures was not the owner, but declined to identify the owners. When told of the bank’s foreclosure action, the official hung up.
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 in time. When it did, 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.
The bank is asking for a court order to foreclose on the property and sell it, according to the filing.
Coastal 544 Ventures is based out of North Carolina and has a valid South Carolina business license.
