News release

$21.8M financing secured for South Carolina apartment community

JLL Capital Markets arranged the bridge financing for the 148-unit Granby Oaks Apartments in West Columbia, South Carolina

August 30, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

MORRISTOWN, Aug. 30, 2023 – JLL Capital Markets announced today that it has arranged the $21.8 million bridge financing for Granby Oaks Apartments, a 148-unit, garden-style apartment community located in West Columbia, South Carolina.

JLL represented the sponsor, PAM Associates LLC, to secure the two-year, floating-rate loan through MF1 Capital, LLC.

Built in 1973, the property features one, two- and three-bedroom units across 21 buildings.

Units are currently in the process of undergoing renovations, which include updates to flooring, new vanities, granite countertops, stainless steel appliances, washers/dryers and hookups, updating trim, repainting, kitchen cabinet upgrades and new subway tiles backsplashes. Community amenities include a dining room, a clubhouse, a laundry facility, a courtyard, and a swimming pool.

Located at 800 State St., Granby Oaks is situated directly west of downtown Columbia and offers residents easy access to shopping, dining and entertainment options. The community is also conveniently positioned near major highways and interstates, as well as a range of local parks, outdoor recreation areas and historical landmarks. Additionally, the property is within proximity of the University of South Carolina, which serves as a major economic and employment hub for the area.

The JLL Capital Markets Debt Advisory team was led by Senior Director Thomas E. Didio Jr., Directors Gerard Quinn and Ward Smith and Analyst Michael Mataras.

“PAM Associates has done an exceptional job upgrading the units at Granby Oaks. MF1 quickly recognized the upside and was able to provide a competitive loan structure that will allow the sponsor to continue to renovate the property,” stated Quinn.

"This property has performed phenomenally well, and our partnership with MF1 allows us to continue to execute at a high level and complete our business plan. Our focus is always to add value for both residents and ownership. JLL was instrumental in bringing about this partnership and navigating a challenging debt market," added Paul Celler, President, PAM Associates, LLC.

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 106,000 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

About PAM Associates LLC

PAM Associates, LLC is a New Jersey based family-owned real estate investment company. Strategically, PAM operates with a true to its roots focus on core multifamily in established markets, and opportunistic multifamily in emerging markets. Combining over 50 years of experience with a strong focus on value creation, PAM applies a patient vision to opportunistic investment. PAM has recently completed hundreds of millions of Dollars in transactions, and is actively expanding its footprint with hundreds of units in various stages of the development process.