$149M in financing secured for three multi-housing properties located across the Southeast
JLL Capital Markets arranged the refinancing for Verde Vista, Avenues at Verdier Point and Adara at Godley Station, totaling 857 units
SAN DIEGO, Jan. 23, 2024 – JLL Capital Markets announced today that it has arranged the $149 million refinancing for a three-property, 857-unit multi-housing portfolio located in Georgia, South Carolina and North Carolina.
JLL represented the borrower, Sunroad Enterprises, to secure the three-year, fixed-rate loan through a life insurance company.
Sunroad Enterprises acquired the three assets in 2021 and executed value-add business plans, completing 100% of exterior and common area renovations and 50% of interior renovations.
The properties within the portfolio include:
- The 313-unit Verde Vista located at 4110 Verde Vista Circle in Asheville, North Carolina
- The 288-unit Avenues at Verdier Point located at 3530 Verdier Blvd. in Charleston, South Carolina
- The 256-unit Adara at Godley Station located at 101 Spring Lakes Dr. in Savannah, Georgia
Each community features luxury residential units, ranging from studios to three-bedroom floorplans, and a wide variety of community amenities, including a resort-style pool, a state-of-the-art fitness center, renovated clubhouses, game rooms, outdoor kitchens and more.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Aldon Cole and Tim Wright and Vice President Bharat Madan.
“Getting this done is a testament to Sunroad’s ability to create significant value through thoughtful business planning and tremendous execution. This transaction also really emphasizes the liquidity still available in this market for quality assets with strong sponsors,” said Cole.
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Sunroad Enterprises is a privately held holdings company based in San Diego, CA and consists of two divisions: real estate and automotive. Founded in 1977, Sunroad is one of the largest minority owned businesses in San Diego and has earned numerous quality commendations from local, regional and national organizations. Sunroad’s real estate holdings include office, multifamily, industrial, retail and hospitality assets located throughout the Sunbelt region of the United States. In specific regards to its multifamily portfolio, Sunroad currently owns approximately 9,100 units across 30 properties with an additional 2,400 units under construction. Sunroad focuses on development and opportunities that allow for additional value to be created through extensive rehabilitation programs and the implementation of amenity services to enhance the overall resident experience.