JLL Capital Markets helps Machine Investment Group and RH secure $20 million bridge financing for Hilliard Village apartments in Columbus, OH

 

 Medina Spiodic

WASHINGTON, DC -- JLL Capital Markets has secured $20 million bridge financing for Hilliard Village, a 352-unit vintage, garden-style apartment community in Columbus, Ohio.

 

JLL worked on behalf of the borrowers, Machine Investment Group and RH, to arrange the three-year, fixed-rate loan through The Bancorp, Inc.

 

Machine Investment Group and RH are opportunistic investors actively seeking distressed opportunities.  Hilliard Village, built in 1973, was sourced off market and had an occupancy rate of approximately 56% at the time of closing.

Jamie Leachman

The Sponsor plans an extensive cap ex program as part of the turnaround story including renovation to the interior units, common areas and amenities. The apartment complex features one-, two- and three-bedroom units, as well as various amenities including a fitness center, pool, playground and clubhouse.

 

Located at 3400 Twin Creeks Dr., Hilliard Village is conveniently close to downtown Columbus. Located in the west side of the city, within the sought-after Dublin and Hilliard submarkets, the immediate neighborhood is middle-class suburb with a significant number of manufacturing, warehouse and logistics employers in the immediate vicinity.

 

Columbus, is a rapidly growing city driven by strong government activity, a thriving corporate presence and The Ohio State University. With a population of 2.2 million, it ranks first among large Midwest metro areas for population and job growth.

Carter Wroblewski

The city offers an affordable cost of living, highly regarded school systems and world-renowned hospitals, providing a high quality of life for its residents. Columbus is also attracting major investments, such as Intel's $20 billion manufacturing mega-site in New Albany, which will bring over 3,000 jobs to the area.

 

JLL Capital Market’s Debt Advisory team representing the borrowers was led by Senior Managing Director Jamie Leachman, Director Medina Spiodic and Director Carter Wroblewski.

 

CONTACT:

Gréta Kieras​​​​ Senior Associate,  Public Relations JLL Capital Markets T  +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877

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