JP Morgan Real Estate Income Trust Lends $62M on South Carolina Apartments Acquisition
An affiliate of Raith Capital Partners has nabbed $62.4 million of acquisition financing for the purchase of a multifamily asset in South Carolina, Commercial Observer can first report.
J.P. Morgan Real Estate Income Trust (JPMREIT) provided the loan on the sponsorship’s Satori West Ashley, a 297-unit multifamily property in Johns Island, S.C., near Charleston.
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The deal marks the second commercial real estate debt investment for JPMREIT, which launched in 2022 and is a subsidiary of J.P. Morgan Asset Management. The first involved a $16.8 million mezzanine loan on Overall Creek Apartments just outside Nashville in September 2022.
“We continue to have high conviction in the multifamily sector, especially in markets with expected population growth and a waning construction pipeline,” Doug Schwartz, co-president of JPMREIT, said in a statement.
The purchase price and seller information was not immediately available.
Located on Johns Island at 211 Satori Way 11 miles west of Downtown Charleston, the 2003-built Satori West Ashley has amenities that include a clubhouse, a saltwater pool, grill areas, a fitness center and a movie theater. The property is also across the street from a Publix supermarket.
Raith Capital Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
Doug Schwartz, J.P. Morgan Asset Management, J.P. Morgan Real Estate Income Trust, Raith Capital Partners