Done Deals: JLL Capital Markets arranges $18.5 million acquisition financing for the 150-unit / 480-bed Bellamy Coastal student housing located in Conway, SC near Myrtle Beach

Sunday, November 5, 2023

JLL Capital Markets arranges $18.5 million acquisition financing for the 150-unit / 480-bed Bellamy Coastal student housing located in Conway, SC near Myrtle Beach

Patricia Heminger

CHICAGO, IL – JLL has arranged the $18.5 million acquisition financing for Bellamy Coastal, a 150-unit / 480-bed, Class A student housing property, serving Coastal Carolina University in Conway, South Carolina.

JLL worked on behalf of the borrower, Eastman Residential, to secure the five-year, fixed-rate acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

Katia Novi

The JLL Capital Markets Debt Advisory team was led by Senior Director Dan Kearns, Senior Director Patricia Heminger, Senior Analyst Sam Tarter and Analyst Katia Novi.

Built in 2018, Bellamy Coastal features multi-story townhome apartments with large living areas and both front and rear access leading to private backyard areas. Community amenities include a resort-style pool, a sundeck, a beach volleyball court, a 24-hour fitness center, a computer lab, study area, hammock garden and in-apartment security systems.

Dan Kearns

The community is located at 300 Bellamy Avenue, just 0.5 miles east of CCU’s campus. Additionally, residents are just 10 miles away from downtown Myrtle Beach.

"Our JLL team is thrilled to help facilitate the first financing between Eastman Residential and Freddie Mac, establishing what will be a tremendous long-term relationship," said Kearns.

Sam Tarter

JLL’s Capital Markets group 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.