J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) announced today the closing of a $62.4 million mortgage loan to an affiliate of NYC-based private real estate firm Raith Capital Partners to finance the acquisition of Satori West Ashley, a 297-unit multifamily property located in Charleston, SC.
This represents JPMREIT’s second real estate debt investment. Upon closing, this transaction grows JPMREIT’s portfolio allocation to income-focused real estate debt to approximately 18%.*
Satori West Ashley features high-end unit finishes and an extensive amenity package, including a clubhouse with a saltwater pool, grill areas, a fitness center, and a movie theater. The community is adjacent to a Publix supermarket and major thoroughfares, providing convenient access to employment centers in North Charleston and Charleston’s central business district.
JPMREIT’s ability to invest in real estate debt enables JPMREIT to pursue attractive opportunities that should generate strong relative risk-adjusted returns in varying market environments. This transaction delivers an attractive yield supported by a high-quality asset in a top market.
“We continue to have high conviction in the multifamily sector, especially in markets with expected population growth and a waning construction pipeline,” said Doug Schwartz, Co-President of JPMREIT. “This transaction demonstrates our ability to invest across the capital structure to deliver attractive returns to our stockholders.”
*As of June 30, 2024, including proforma close of deal. Asset Allocation is measured as the asset value (based on fair value) of each investment category (real estate investments, real estate debt investments and real estate-related securities) divided by the total asset value of all investment categories, including the value of any third-party interests in consolidated properties.
JPMREIT leverages J.P. Morgan Asset Management’s more than 60 years of real estate investment experience and invests in stabilized, income-producing assets and development positioned to benefit from the way people live, work and consume in the new economy. JPMREIT is externally advised and sponsored by J.P. Morgan Investment Management Inc.
J.P. Morgan Asset Management, with assets under management of $3.3 trillion, as of June 30, 2024, is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co., and its affiliates worldwide.
