Affordable Upstate Secures $59 Million Refinance Loan For MultiFamily Properties In Upstate South Carolina

A loan for the refinancing of three affordable housing communities totaling 598 units has been secured. The properties are located at 48 Mc Price Court, 357 Hillandale Road, and 288 Old Mill Road, situated in the Greenville and Mauldin markets of South Carolina. The overall loan amount is $59,000,000, and the loan type is a three-year, interest-only loan.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $59,000,000
• Loan Type: Refinance
• Loan Terms: Three-year, interest-only loan
• Lender: Truist Bank
• Landlord: Affordable Upstate
• Units: 598
• Brokers: Carter Wroblewski, Taylor Allison & Sydney Powell - JLL

The refinancing deal was facilitated by JLL, which arranged the loan through Truist Bank for Affordable Upstate. The borrower has invested $13.6 million in upgrades to the properties since their acquisition.