PAM Associates Lands $34M for Southeast Assets
Completed in the late 1960s and early 1970s, the communities have recently undergone major upgrades.
PAM Associates LLC has obtained loans totaling $33.9 million to finance two of its properties. JLL Capital Markets secured $19.8 million in financing for Granby Oaks, a garden-style property in West Columbia, S.C., and a $14 million loan for The Vale, a garden-style property in Nashville.
JLL arranged both loans through Freddie Mac. They will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender.
Representing the borrower, JLL Capital Markets’ Debt Advisory team was led by Tom Didio Sr., senior managing director; Tom Didio, Jr., managing director; Gerard Quinn, Brad Woolard and Anthony Sansone, directors; and Michael Mataras, associate.
In another significant recent Nashville financing, Key Real Estate Co. secured $105 million for 805 Lea, a four-year-old, 356-unit Class A multifamily community in Nashville earlier this month.
Upgrades to vintage properties
Located at 800 State St, in West Columbia, Granby Oaks is a 148-unit community built in 1973. The apartment community offers one-, two- and three-bedroom units averaging 1,030 square feet in size. Features include above-standard ceiling heights and high-speed Internet access.
Since acquiring the Granby Oaks property in 2022, PAM Associates has invested $2.1 million in capital improvements. The scope of the work includes substantial upgrades to each of the apartment interiors.
Built in 1967 at 570 McMurray Drive in Nashville, The Vale features 158 units spread across 11 buildings. Apartments feature vaulted ceilings and high-speed Internet access. The one- and two-bedroom-unit multifamily community has received $3.5 million in capital improvements since 2019.
Each property offers an array of amenities, including swimming pools and playgrounds. Granby Oaks offers access to downtown Columbia and local employment hubs. Located 11 miles southeast of downtown Nashville, The Vale is close to shopping at Hickory Plaza Shopping Center and the Shoppes at South Plaza, as well as Radnor Lake State Park.
