JLL secures $28.33M financing for South Carolina apartments
Freddie Mac loan funds Brick Lane and Enterprise Community Investment’s acquisition of The Grove at St. Andrews in Columbia
WASHINGTON D.C., August 26, 2019 – JLL announces it has secured $28.33 million in acquisition financing for The Grove at St. Andrews, a 622-unit, value-add apartment community in Columbia, South Carolina.
JLL worked exclusively on behalf of the borrower, Brick Lane and Enterprise Community Investment, Inc., to arrange the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.
The Grove at St. Andrews is located at 716 Zimalcrest Drive approximately six miles from downtown Columbia and immediately northeast of the Interstate 20/26 interchange. The property consists of a mixture of studio, one- and two-bedroom units ranging from 490 to 862 square feet. Community amenities include a swimming pool, sports court, grilling area, fitness center, coffee bar and dog park. Built in phases from 1977 to 1984, Brick Lane and Enterprise plan to complete interior and common area upgrades to the property, including the addition of in-unit washers and dryers in some units, washer/dryer connections in others and enhancements to the pool and greenspaces. The Grove at St. Andrews was nearly 93% occupied at closing.
The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman and Director Evan Parker.
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Brick Lane
Brick Lane is a real estate development and investment firm that was established in 2010 to capitalize on the strength and expansion of the Mid-Atlantic multi-housing and condominium markets. Brick Lane has acquired, delivered or is under development on more than 2.1 million square feet of apartment and mixed-use projects in Washington, D.C., Virginia, Maryland and South Carolina. In addition to developing mixed-use projects around the D.C. metropolitan area, Brick Lane actively searches for stabilized apartment building acquisitions in the Mid-Atlantic in markets with strong, diversified economies and healthy tenant bases. Brick Lane self-manages all its own multi-family assets in a vertically integrated platform with over 2,100 units currently under management. More information is available at bricklanedc.com.
About Enterprise Community Investment, Inc.
Enterprise works with partners nationwide to build opportunity. Enterprise creates and advocates for affordable homes in thriving communities linked to good schools, jobs, transit and health care. Enterprise lends funds, finances development and manages and builds affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us at enterprisecommunity.org.