JLL Capital Markets facilitates loan for strategic refinance of off-campus townhome development serving Coastal Carolina University
News release
02 May 2025
University Suites at Coastal Carolina: $15.44M refinancing secured for thriving student housing community
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TAMPA, May. 2, 2025 – JLL Capital Markets announced today that it has secured a $15.44 million financing of University Suites at Coastal Carolina, a 272-bed student housing community in Conway, South Carolina.
JLL worked on behalf of the borrower, University Suites, in arranging the two-year, floating-rate loan through Sound Point Capital Management, LP.
University Suites at Coastal Carolina, located at 2241 Technology Dr., is strategically positioned less than one-half mile from Coastal Carolina University with direct sidewalk access to campus. 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 2021-2023, the community offers modern amenities including a fitness center, pool, dog park, clubhouse and basketball court. 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. 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.
“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. “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.”
"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.
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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
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 112,000 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 WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About University Suites and Cale Management
University Suites was founded in 2000 by J. Hatcher Cale, Jr. with a focus on student housing development across the Southeast. Since its inception, the company developed, built, and managed over 2,000 beds at North Carolina State, East Carolina University, Christopher Newport University, and Coastal Carolina University. University Suites at Coastal Carolina stands as the crown jewel of the portfolio, noted for its prime location and unique townhome style floor plans. As a family-owned business, The Cales continue to seek development opportunities in the Coastal Carolina market and throughout the Southeast. Cale Management serves as the property management arm for University Suites. It is led by John Cale, a licensed real estate broker in Virginia and North Carolina with CCIM designation.
About Sound Point Capital Management, LP
Sound Point Capital Management, LP is a New York-based asset management firm specializing in credit strategies. Founded in 2008 with additional offices in London, Florida and Connecticut, Sound Point manages approximately $46 billion in assets across various funds, accounts and Collateralized Loan Obligations. The firm serves a diverse clientele including institutions, pensions, foundations, insurance companies, wealth management firms, family offices and high net worth individuals.