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 percent 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.
Deal secured by Holliday Fenoglio Fowler LP (HFF) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
