$18.5M in financing secured for Coastal Carolina University student housing community
JLL Capital Markets arranged the acquisition financing for the 150-unit / 480-bed Bellamy Coastal located in Conway, South Carolina near Myrtle Beach
CHICAGO, Nov. 1, 2023 – JLL announced today that it has arranged the $18.5 million acquisition financing for Bellamy Coastal, a 150-unit / 480-bed, Class A student housing property, serving Coastal Carolina University in Conway, South Carolina.
JLL worked on behalf of the borrower, Eastman Residential, to secure the five-year, fixed-rate acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
The JLL Capital Markets Debt Advisory team was led by Senior Director Dan Kearns, Senior Director Patricia Heminger, Senior Analyst Sam Tarter and Analyst Katia Novi.
Built in 2018, Bellamy Coastal features multi-story townhome apartments with large living areas and both front and rear access leading to private backyard areas. Community amenities include a resort-style pool, a sundeck, a beach volleyball court, a 24-hour fitness center, a computer lab, study area, hammock garden and in-apartment security systems.
The community is located at 300 Bellamy Avenue, just 0.5 miles east of CCU’s campus. Additionally, residents are just 10 miles away from downtown Myrtle Beach.
"Our JLL team is thrilled to help facilitate the first financing between Eastman Residential and Freddie Mac, establishing what will be a tremendous long-term relationship," said Kearns.
JLL’s Capital Markets group 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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Eastman Residential
Eastman Residential is the residential arm of Eastman Companies. Eastman Companies was founded in 1978 and presently owns, manages or has developed more than 8 million square feet of office, retail, industrial, student housing and multifamily properties. Eastman Residential was launched in 2020 to focus on acquiring well-located multifamily and student housing communities in markets with robust economic drivers and future growth potential.
At Eastman, an entrepreneurial and proactive approach to asset management is embraced, emphasizing the creation of long-term asset appreciation and value. The dedicated professionals at Eastman are guided by a shared commitment to curate compelling and transformative living experiences for their residents. They actively cultivate an environment that prioritizes holistic well-being and personal development, leading to the establishment of communities with an unwavering record of success for both their valued residents and esteemed investors.