Greenville Apartment Owner Obtains Refi on 3-Project Portfolio

Affordable Upstate has recapitalized three Greenville apartment projects. The refinancing covered over 598 units. JLL Capital Markets secured a $59 million loan for the cross-collateralized cash-out refinancing of Paris Park, Terrain at Haywood and Mauldin Meadows. 

JLL arranged the three-year interest-only loan through Truist Bank. 

Since acquisition, Affordable Upstate has invested over $13.6 million in capital improvements, self-imposed affordability restrictions at 80% of AMI and 60% of AMI at each asset and managed the assets with the team at NOAH Property Management to drive an increase in net operating income by roughly 65% across the portfolio.  

JLL Capital Market’s Debt Advisory team, representing the borrower was led by Carter Wroblewski, Taylor Allison and Sydney Powell.                                                                                                                

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