JLL Capital Markets announced that it has secured a $19.82 million financing for Granby Oaks in West Columbia, South Carolina and a $14.04 million loan for The Vale in Nashville, Tennessee. JLL represented the borrower, PAM Associates, LLC, in arranging both loans through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
Granby Oaks, located at 800 State Street in West Columbia, South Carolina, is a 148-unit garden-style community offering convenient access to downtown Columbia and major employment centers.
Built in 1973, the property features one-, two- and three-bedroom apartments with an average unit size of 1,030 square feet. Since acquiring the property in 2022, the Sponsor has invested over $2.1MM in capital improvements, completing substantial upgrades to 100% of the unit interiors.
The Vale, located at 570 McMurray Drive in Nashville, Tennessee, consists of 158 one- and two-bedroom units across 11 garden-style buildings. Built in 1967, the property has undergone significant renovations with $3.5 million in capital improvements since 2019.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Tom Didio Sr., Managing Director Tom Didio Jr., Directors Gerard Quinn, Brad Woolard and Anthony Sansone, and Associates Michael Mataras.
“PAM Associates has done an excellent job operating and upgrading these assets since they were acquired,” said Didio, Jr. “JLL is very pleased to secure an accretive fixed-rate refinance with Freddie Mac on behalf of the borrower.”
PAM Associates, LLC is a New Jersey based family-owned real estate investment company with a focus on multifamily properties in established and emerging markets. Led by Paul Celler and Michael Celler, the company has completed nearly $150 million in acquisitions investing its own money over the past five years.
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.
