As the premier high-rise tower in Myrtle Beach, SC, Margate Tower at Kingston Plantation boasts 251 oceanfront units overlooking white sandy beaches. Under FirstService Residential management since January 2015, the property is fully funded for their reserves and has benefitted from our annual analysis to properly address their funding needs.
In 2016, FirstService Financial was engaged by management to determine if there would be value for Margate Tower in utilizing any of our exclusive product and service offerings. With a reserve portfolio of $5 million, FirstService Financial proposed using the Excess Deposit Insurance product, which allowed convenience and simplicity for the client while also earning a respectable return—we increased the property’s annual yield from $9,000 to nearly $17,000.
More recently, FirstService Financial proactively reviewed Margate Tower’s portfolio and recommended investing a portion of their allocation to short-term CDs that offered significant value. As a result, the Association will now earn over $37,000 per year on their reserve portfolio while still maintaining deposit insurance on every single dollar.
These examples illustrate how FirstService Financial delivers ongoing value and continually strives to make recommendations that serve the client’s best interest.