$53.4M bridge financing secured for 7 property South Carolina multi housing portfolio

WASHINGTON D.C, Aug. 27, 2024 -  JLL Capital Markets announced today that it has secured a $53.4 million bridge financing for an 877-unit, seven-property multi-housing portfolio located in Spartanburg and Mauldin, South Carolina.

JLL represented the borrowers, Machine Investment Group and Prospect Lane in securing the three-year, floating-rate loan.

The portfolio comprises five properties in Spartanburg and two in Mauldin, all strategically located in South Carolina's bustling Upstate region. The attractive demographics of the region, with a population growth of over 500,000 in the past decade and a net migration of 94,000+ residents in 2022 alone make it a compelling destination for businesses. Greenville's economic growth has been strongly influenced by key drivers such as BMW's expansive Plant Spartanburg, Michelin's North American Headquarters and Inland Port Greer.

The 70%-occupied, 1971-1986 vintage apartment portfolio, has 139 newly renovated units and the Sponsor plans to remodel an additional 300. The restorations will include updates to in-unit features like new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet flooring. Additionally, the exterior of the complexes will get updated roofs, parking lots, sidewalks, exterior painting, HVAC systems and security camera installations.

JLL Capital Market's Debt Advisory team representing the borrower was spearheaded by Senior Managing Director Jamie Leachman and Directors Jonah Aelyon and Carter Wroblewski.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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