JLL arranges loan for student housing development in Clemson
The $22.36M loan will fund the development of the off-campus project near Clemson University
CHARLOTTE, March 5, 2020 – JLL Capital Markets announced today that it has arranged $22.36 million in construction financing for the development of Hartwell Village Apartments, a 185-unit, 433-bed, Class A student housing project that is part of the Hartwell Village mixed-use development near Clemson University in Clemson, South Carolina.
JLL worked on behalf of the developer, The Priess Company, to place the non-recourse construction loan.
Hartwell Village Apartments will be situated between Tiger Blvd. (US 76) and Pendleton Rd. (SR 93) just 0.75 miles across Lake Hartwell from Clemson University, which has a current enrollment of nearly 25,000 students. The property will be part of the 45-acre mixed-use Hartwell Village development, which opened in 2018 and currently contains two hotels, a Tru by Hilton and an Aloft, along with retail space occupied by Ulta Beauty, Marshalls, Five Below, PetCo, Michaels, Aldi, Rack Room Shoes and more. Hartwell Village Apartments will feature a resort-style pool, state-of-the-art fitness center, resident clubhouse, ample parking and high-end unit finishes.
The JLL Capital Markets team representing the developer was led by Managing Director Roger Edwards.
“JLL was very excited to be able to work with The Priess Company, who is a leader in the student housing industry, on securing attractive non-recourse financing for the Hartwell Village project,” Edwards said. “The Priess Company has a long and active history at Clemson, and we look forward to seeing the Hartwell Village project commence and its future success.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Priess Company
Founded in 1987 by Donna Preiss, The Preiss Company is an industry leader in the sales and development of investment properties. The company is proud to be one of the Top 10 providers of off-campus housing in the nation and the largest woman-owned owner and operator of private student housing.