$59 million refinancing secured for Affordable Housing portfolio

Affordable Upstate has secured a $59 million loan for the crossed collateralized cash-out refinancing of Paris Park, Terrain at Haywood, and Mauldin Meadows through a partnership with JLL Capital Markets.

JLL 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. JLL worked on behalf of Affordable Upstate in arranging the three-year interest only loan through Truist Bank.

Affordable Upstate acquired these properties between December 2021 and September 2022 with a common equity structure allowing for the cross collateralization. They represent affordable housing for 598 families in Greenville County.

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

“This refinance demonstrates how financial institutions can advance permanent affordability through policy-aligned capital structures,” said Mario Brown, CEO of Affordable Upstate. “Truist’s support of assets with self-imposed affordability and proven operational discipline shows how CRA-aligned financing can substitute private risk with public participation. This partnership strengthens a regional housing infrastructure that delivers durable, predictable outcomes for residents and communities across North and South Carolina.”

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

“Appreciate for Truist’s non-recourse solution demonstrating continued lender confidence in affordable housing strategies that create both social impact and strong returns,” said Wroblewski. “Affordable Upstate’s proven track record of improving properties while maintaining affordability makes them an ideal partner for lenders and investors seeking mission-driven opportunities.”

The financing addresses the growing need for affordable housing in the rapidly expanding Greenville metropolitan area. This transaction ensures that these 598 units will remain a source of quality, affordable housing for the community, providing stability for residents amidst regional growth.

“This transaction reflects Truist’s commitment to responsible financing solutions that preserves long-term affordability in the communities we serve,” said Andy Holland, Mid-South Market Manager at Truist National Real Estate. “We’re proud to work alongside our partners to keep quality housing accessible for families in the Greenville area.”

About Affordable Upstate

Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina. Since 2017 they have placed more than $50 million of investor equity into socially responsible, environmentally enhanced workforce housing assets, resulting in a diverse and thriving portfolio with over 1,450 apartment units that satisfy the expectations of residents, investors, and communities. Learn more at www.affordableupstate.com.