A $53.4 million bridge financing has been secured by Machine Investment Group and Prospect Lane for a portfolio of seven properties, totaling 877 units in two counties in South Carolina. The loan, which is floating-rate and spans three years, was obtained by a JLL team led by Jamie Leachman.
The portfolio consists of five properties located in Spartanburg and two in Mauldin. Over the past decade, the region has seen significant population growth with over 500,000 new residents moving to the area. In addition, there was a net migration of more than 94,000 people to South Carolina in 2022.
Built between 1971-1986, the apartment portfolio is currently at an occupancy rate of approximately70%. However,the sponsor plans to renovate an additional300 units outofthe total139 newly renovated ones.The renovations will include updates such as new cabinet faces,stainless steel appliances,and quartz countertopsin each unit.Additionally,the complexes’ exteriors will undergo improvements including updated roofs,parking lots,sidewalks,and exterior painting.HVAC systemsand security cameraswill also be installed throughoutthe complexes.
Connect CRE reports that Machine Investment Group and Prospect Lane have successfully acquired a $53.4 million bridge financing for their seven-property portfolio consisting of877units across twocountiesinSouthCarolina.AteamledbyJamieLeachmanfromJLLsecuredthethree-year,floating-rateloanforthisproject.
TheportfolioincludesfivepropertieslocatedinSpartanburgandtwoinMauldin.Thisregionhaswitnessedapopulationgrowthofover500thousandinthepastdecadeandalsohadamigrationofmorethan94thousandresidentsmovingtoSouthCarolinain2022.Thesevenpropertyportfolioconsistsof1971-1986vintageapartmentswitha70%occupancyrate.Currently,itboasts139newlyrenovatedunits,andthesponsorplanstoupgradetheadditional300units.Theupgradeswillincludein-unitfeatureslikereplacingcabinetfaces,installingstainlesssteelappliances,quartzcountertops,newlightfixtures,andnon-carpetflooring.Exteriorimprovementsarealsoontheagenda,suchasroofreplacements,parkinglotrepairs,sidewalkupdates,exteriorpaintjobs,HVACsystemupgradesandsecuritycamerainstallations.
