$20M bridge financing secured for vintage apartment community in Columbus

WASHINGTON D.C., Sept. 10, 2024 – JLL Capital Markets announced today that it has secured a $20 million bridge financing for Hilliard Village, a 352-unit vintage, garden-style apartment community in Columbus, Ohio.

JLL worked on behalf of the borrower, Machine Investment Group and RH, to arrange the three-year, fixed-rate loan through The Bancorp, Inc.

Machine Investment Group and RH are opportunistic investors actively seeking distressed opportunities. Hilliard Village, built in 1973, was sourced off market and had an occupancy rate of approximately 56% at the time of closing. The Sponsor plans an extensive cap ex program as part of the turnaround story including renovation to the interior units, common areas and amenities. The apartment complex features one-, two- and three-bedroom units, as well as various amenities including a fitness center, pool, playground and clubhouse.

Located at 3400 Twin Creeks Dr., Hilliard Village is conveniently close to downtown Columbus. Located in the west side of the city, within the sought-after Dublin and Hilliard submarkets, the immediate neighborhood is middle-class suburb with a significant number of manufacturing, warehouse and logistics employers in the immediate vicinity.

Columbus, is a rapidly growing city driven by strong government activity, a thriving corporate presence and The Ohio State University. With a population of 2.2 million, it ranks first among large Midwest metro areas for population and job growth. The city offers an affordable cost of living, highly regarded school systems and world-renowned hospitals, providing a high quality of life for its residents. Columbus is also attracting major investments, such as Intel's $20 billion manufacturing mega-site in New Albany, which will bring over 3,000 jobs to the area.

JLL Capital Market’s Debt Advisory team representing the borrowers was led by Senior Managing Director Jamie Leachman, Director Medina Spiodic and Director Carter Wroblewski.

JLL Capital Markets 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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Machine Investment Group is a real estate investment platform focused on opportunistic, distressed and special situations across the United States. Machine invests primarily in the middle market, where their reputation as a reliable counterparty, their solutions-oriented approach and extensive lender relationships distinguishes the company from the competition. Machine’s strict risk discipline, institutional operating processes and well-developed sourcing network has been cycle-tested and is designed to deliver consistent, opportunistic returns while minimizing losses.

RH is a premier multifamily investment company specializing in acquiring, managing, and optimizing multifamily real estate assets. With a focus on delivering exceptional returns for investors, the company combines deep market expertise, strategic property selection, and hands-on asset management to maximize value. Our portfolio spans a diverse range of multifamily properties, from affordable housing to luxury developments, ensuring a balanced approach to risk and reward. Committed to sustainable growth, we prioritize operational efficiency, tenant satisfaction, and community enhancement, creating long-term value for both investors and residents alike.

The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving non-bank financial service companies' unique needs, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank, N.A., has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit and one of the nation's few bank-owned commercial vehicle leasing groups. For more information, please visit www.thebancorp.com