$59M refinancing secured for Greenville, SC Affordable Housing Portfolio

WASHINGTON D.C., Dec. 15, 2025 –  JLL Capital Markets announced today that it has secured a $59 million loan for the crossed collateralized cash-out refinancing of Paris Park, Terrain at Haywood and Mauldin Meadows totalling 598 units in the Greenville, South Carolina area.

JLL worked on behalf of the borrower, Affordable Upstate, in arranging the three-year interest-only loan through Truist Bank. Properties were acquired by Affordable Upstate between December 2021 and September 2022 with a common equity structure allowing for the cross collateralization.

Since acquisition, Affordable Upstate has invested over $13.6 million in capital improvements, self-imposed affordability restrictions at 80% of AMI and 60% of AMI at each asset and efficiently managed the assets with the team at NOAH Property Management to drive an increase in net operating income by roughly 65% across the portfolio. 

“This refinance demonstrates how financial institutions can advance permanent affordability through policy-aligned capital structures,” said Mario Brown, CEO of Affordable Upstate. “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. This partnership strengthens a regional housing infrastructure that delivers durable, predictable outcomes for residents and communities across North and South Carolina.”

JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Carter Wroblewski, Managing Director Taylor Allison and Analyst Sydney Powell. 

“Appreciative for Truist’s non-recourse solution demonstrating continued lender confidence in affordable housing strategies that create both social impact and strong returns," commented Wroblewski. "Affordable Upstate's proven track record of improving properties while maintaining affordability makes them an ideal partner for lenders and investors seeking mission-driven opportunities.”

The financing addresses the growing need for affordable housing in the rapidly expanding Greenville metropolitan area. This transaction ensures that these 598 units will remain a source of quality, affordable housing for the community, providing stability for residents amidst regional growth.

“This transaction reflects Truist’s commitment to responsible financing solutions that preserves long-term affordability in the communities we serve,” added 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.”

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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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 $23.4 billion and operations in over 80 countries around the world, our more than 113,000 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 WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina. Since 2017 they have placed more than $50 million of investor equity into socially responsible, environmentally enhanced workforce housing assets, resulting in a diverse and thriving portfolio with over 1,450 apartment units that satisfy the expectations of residents, investors and communities.

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments and specialized lending businesses. Truist is a top-10 commercial bank with total assets of $544 billion as of June 30, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.