SPARTANBURG AND MAULDIN, S.C. — JLL Capital Markets has negotiated $53.4 million in bridge financing for a portfolio consisting of 877 units across five properties in Spartanburg and two communities in Mauldin. All seven properties were constructed between 1971 and 1986. The portfolio was 70 percent occupied at the time of sale.
Of the total unit count, 139 have been recently renovated. Additionally, the sponsor plans to remodel an additional 300 apartments. Planned restorations include updates to in-unit features such as new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet flooring. The properties will also be updated with new roofs, parking lots, sidewalks, exterior painting, HVAC systems and security cameras.
JLL represented the borrowers, Machine Investment Group and Prospect Lane, in securing the three-year, floating-rate loan. Jamie Leachman, Jonah Aelyon and Carter Wroblewski led the JLL Capital Markets Debt Advisory team.