EYC Companies, a 25-year veteran of real estate development and management based in the Carolinas, has closed on a $14 million senior secured construction loan to finance the building of a $20 million multifamily development to be located in Shallotte, North Carolina.

Heartsease Shallotte—a craftsman-style cottage community—will be the second such project that EYC Companies has begun in the past twelve months and the first of many luxury single-family build-for-rent projects the company has planned in the Carolinas.

Heartsease will offer modern, highly functional single level living spaces, garages, private yards and driveways within a low density, professionally managed and highly amenitized neighborhood. Residents will enjoy home and landscape maintenance, three acres of community green space, a Class A clubhouse and fitness center, walking trails, a swimming pool, and game courts. Plans range from 650 to 1,600 square feet and feature 10' ceilings, stone countertops and stainless steel appliances.

"We are thrilled to debut this unique project in Shallotte," said Ellis Coleman, principal of EYC Companies. "It will offer a new level of single-family living for residents looking to get back to nature in this beautiful coastal haven."

Located at the hub of Brunswick County, North Carolina, Heartsease Shallotte is less than one mile from the Ocean Highway/ US Route 17—a thoroughfare which connects Atlantic Coast communities from Florida to Virginia. Leasing is expected to begin in August of 2021 with construction wrapping up in 2022. Birmingham, Alabama-based Capstone Building Corporation will serve as general contractor.

About EYC Companies

EYC Companies is a privately held, vertically integrated real estate firm specializing in the development of residential and mixed-use communities. With over 25 years' experience, EYC has consistently delivered "best in class" living in select and dynamic markets throughout the Southeast with a keen eye toward meeting and exceeding the evolving demands of an increasingly sophisticated customer. www.eyccompanies.com