News Summary
JLL Capital Markets has arranged $15.44 million in financing for University Suites, a 272-bed student housing community near Coastal Carolina University. The two-year floating-rate loan will fund renovations and support future expansion efforts. Strategically located less than half a mile from the university, University Suites features modern amenities, townhome units, and recent upgrades to enhance student living. With the local population and university enrollment steadily growing, this financing underscores the strength of well-located student housing assets.
Conway, South Carolina – JLL Capital Markets has successfully secured $15.44 million in financing for University Suites, a 272-bed student housing community located near Coastal Carolina University. The financing arrangement was executed on behalf of the borrower, University Suites, through Sound Point Capital Management, LP.
The loan features a two-year, floating-rate structure, marking an important financial move for the property, which is situated at 2241 Technology Drive, less than half a mile from the university. The location provides direct sidewalk access to the Coastal Carolina University campus.
University Suites is comprised of 68 four-bedroom townhome units that span across nine residential buildings, as well as a clubhouse. The total area of the property is 114,240 square feet. Originally built in 2009, the facility underwent significant renovations from 2021 to 2023
Modern amenities at University Suites include a fitness center, swimming pool, dog park, clubhouse, and basketball court, enhancing the living experience for students. Recent upgrades to individual units feature the installation of new flooring, cabinetry, countertops, stainless steel appliances, Nest thermostats, and Ring doorbells.
The Conway and Myrtle Beach region is experiencing notable population growth, with Myrtle Beach ranking among the top five fastest-growing U.S. metro areas in both 2022 and 2023. This surge in population is further reflected at Coastal Carolina University, which has seen a 30% increase in enrollment since the construction of University Suites in 2009.
The JLL Capital Markets Debt Advisory team facilitating the financing was led by senior managing directors Lee Weaver and Melissa Marcolini Quinn. They were supported by Vice President Rob Rothaug and associate Cristian Sieman. Lee Weaver noted that this refinancing demonstrates the robust nature of well-located student housing assets that cater to expanding universities.
In addition to financing arrangements, University Suites plans to allocate part of the proceeds to acquire an adjacent parcel to support future expansion efforts. This strategic decision comes during a period of volatility within the national financial market, as indicated by John Cale, principal at University Suites.
Cale expressed appreciation for the efforts and support provided by the JLL team and Sound Point Capital throughout this transaction. The financial backing is anticipated to enhance the living standards at University Suites while fostering growth and development in the local area.
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Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
