Clemson Student Housing Development Gets $22M Loan
- Mar 09, 2020
The Preiss Co. has obtained a $22.4 million construction loan for Hartwell Village Apartments, a 433-bed, Class A student housing development near Clemson University in Clemson, S.C. JLL Capital Markets assisted the borrower in negotiating the non-recourse mortgage.
The project site is between Tiger Boulevard and Pendleton Road, less than 1 mile across Lake Hartwell from the nearly 25,000-student university. Amenities at the 185-unit, off-campus community will include a swimming pool, gym and clubhouse.
The project’s location is in Hartwell Village, a 45-acre mixed-use development that opened in 2018 and includes two hotels and retailers such as Marshalls and Aldi. The community is approximately 2.5 miles from Oconee County Regional Airport.
The developer owns two other student housing properties in the area: University Village at Clemson and The Collective at Clemson. The firm had joined forces with Crow Holdings Capital to acquire The Collective from Aspen Heights Partners in July.
JLL Managing Director Roger Edwards secured the loan for the developer.