JLL Capital Markets arranges $53 million acquisition financing for the 877-unit vintage-built, seven-property multi-housing portfolio located in Spartanburg, SC and Mauldin, SC.

 

Part of an 877-unit, seven-property
 multi-housing portfolio located
 in Spartanburg and Mauldin, SC

 

Jamie Leachman

 WASHINGTON DC–  JLL Capital Markets has secured a $53.4 million bridge financing for an 877-unit, seven-property multi-housing portfolio located in

 Spartanburg, SC and Mauldin, SC

 

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

 

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.

 

Jonah Aelyon

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.

    Carter Wroblewski

 

The 70%-occupied, 1971-1986 vintage apartment portfolio, has 139 newly renovated units 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.

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

Contact:

 

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets 1980 Festival Plaza Drive Suite 250 Las Vegas,  NV  89135 T  +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877

us.jll.com/capitalmarkets

 

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a licensed real estate brokerage company.
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