$53.4M bridge financing secured for 7-property South Carolina multi-housing portfolio
JLL Capital Markets arranged acquisition financing for the 877-unit vintage-built 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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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 110,000 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.
About Machine Investment Group
Machine Investment Group is a real estate investment platform focused on opportunistic, distressed, and special situations in the United States. With a strong reputation, solutions-oriented approach, and extensive lender relationships, Machine aims to deliver consistent, opportunistic returns while minimizing losses.
About Prospect Lane
Prospect Lane is a national real estate investment and development firm focused on multifamily value-add opportunities. With a strategic approach and a commitment to high-quality, inclusive housing, Prospect Lane targets high-growth markets to deliver effective solutions and preserve stakeholder capital.