Affordable Upstate, in partnership with JLL Capital Markets, secured a $59 million loan for the refinancing of three affordable housing properties in Greenville County.
The three apartment complexes include Paris Park, Terrain at Haywood and Mauldin Meadows. Affordable Upstate, a Greenville-based real estate investment firm, acquired these properties in 2021 and 2022 with a common equity structure allowing for cross-collateralization.
JLL Capital Markets arranged the three-year interest-only loan for Affordable Upstate through Truist Bank. Mario Brown, CEO of Affordable Upstate, said the refinance demonstrates how financial institutions can advance permanent affordability through policy-aligned capital structures.
“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,” Brown said. “This partnership strengthens a regional housing infrastructure that delivers durable, predictable outcomes for residents and communities across North and South Carolina.”
Affordable Upstate has invested more than $13.6 million in capital improvements for the three properties with a total of 598 affordable housing units. Each asset has affordability restrictions at 80 to 60 percent of the area median income.
“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.”
Director Carter Wroblewski, Managing Director Taylor Allison and Analyst Sydney Powell led JLL Capital Market’s debt advisory team representing the Affordable Upstate.
For more information on Affordable Upstate, visit affordableupstate.com.
