JLL secures $15.4M loan for Coastal Carolina housing

Florida-based JLL Capital Markets has secured $15.44 million in financing for University Suites at Coastal Carolina, a 272-bed student housing community in Conway.

JLL worked on behalf of the borrower, University Suites, in arranging the two-year, floating-rate loan through Sound Point Capital Management, LP, according to a news release.

University Suites at Coastal Carolina, located at 2241 Technology Drive, is positioned less than one-half mile from Coastal Carolina University with direct sidewalk access to campus, according to the release. The property consists of 68 four-bedroom townhome units across nine residential buildings and a clubhouse, totaling 114,240 square feet.

Built in 2009 and extensively renovated between 2021-23, the community offers modern amenities including a fitness center, pool, dog park, clubhouse and basketball court, the release stated. Recent unit upgrades feature new flooring, cabinetry, countertops, stainless steel appliances, Nest thermostats and Ring doorbells.

Conway and the greater Myrtle Beach area continue to see strong population growth, with Myrtle Beach ranking among the top five fastest-growing U.S. metro areas in 2022 and 2023, according to the release. Coastal Carolina University has also experienced enrollment growth, increasing by 30% since the property opened in 2009.

JLL Capital Market’s Debt Advisory team representing the borrower was led by senior managing directors Lee Weaver and Melissa Marcolini Quinn and supported by Vice President Rob Rothaug and associate Cristian Sieman.

“This refinancing highlights the continued strength of well-located student housing assets serving growing universities,” said Weaver. “University Suites at Coastal Carolina’s strategic location, recent renovations and strong performance make it an attractive investment in today’s market.”

University Suites, a company with deep roots in student housing development and management, plans to use a portion of the proceeds to acquire an adjacent parcel for future expansion, further enhancing the property’s market position, the release stated.

“The financing in this transaction represented a timely and strategic opportunity for us in an uncertain and volatile national financial market,” said John Cale, principal at University Suites, in the release. “We were able to move quickly and confidently thanks to the expertise of Lee Weaver and his team at JLL. We also thank South Point Capital for their financial support and partnership in making this a smooth and successful transaction.”