Construction loan and equity secured for Hartwell Ridge student housing at Clemson University

DALLAS, Dec. 4, 2024 – JLL Capital Markets announced today that it has secured construction financing and equity placement for Hartwell Ridge, a 168-unit student housing community in Clemson, South Carolina.

JLL represented the developer, Fountain Residential Partners, in arranging the equity placement through FrontRange Capital and Atlantic American Partners. BankUnited provided the construction loan for the project.

Brent Little, CEO of Fountain Residential, says, “Fountain Residential has been in the Clemson market since 2019, and in that time the university has grown almost 13%. We are seeing huge demand for new, well-designed communities in all the student housing markets Fountain Residential is pursuing new developments in.”

Fountain Residential Partners is continuing their longstanding relationship with Van Winkle Construction as General Contractor and construction is expected to be completed before the start of the Fall 2026 school year.

Hartwell Ridge is uniquely positioned at 10920 Clemson Blvd., bounded on two sides by Clemson University property. The development offers direct access to campus, restaurants and retail venues. Adjacent to Clemson's West Campus, it's near the Snow Family Outdoor Fitness & Wellness center, recreational sports fields and the Ravenel Research Center. The property is also close to the intersection of Davis Creek and HWY-76, providing additional amenities and connectivity.

Founded in 1889, Clemson University Clemson University continues to break enrollment records. Just this fall, the Clemson freshman class increased 12% from fall 2023 and the university received a record number of applications.

Hartwell Ridge will offer a unique unit mix of studio and five-bedroom apartments homes in a two-story, townhome design. Community features include a pool area, clubhouse, strength training and cardio center and multiple private study rooms. Each fully furnished apartment home will feature condo-like finishes including wood-look flooring, granite countertops, queen sized pillow-top beds, 65-inch flat screen WiFi enabled TVs, stainless steel appliances, full-sized washer and dryers and ample surface parking.

JLL Capital Market’s Debt and Equity Advisory team was led by Senior Managing Director Jeremy Sain, Managing Director Teddy Leatherman and Director Lauren Dow.

"We're thrilled to have secured both the construction financing and equity placement for Hartwell Ridge, a project that is strategically positioned to meet the growing demand in Clemson's student housing market,” commented Leatherman. “With its prime location adjacent to campus and high-quality amenities, Hartwell Ridge is set to provide an excellent living experience for Clemson's expanding student population. The successful arrangement of this financing package underscores the strength of the project and the continued investor interest in well-located, purpose-built student housing developments."

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 $20.8 billion and operations in over 80 countries around the world, our more than 111,000 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.

Fountain Residential Partners, established in 2010 and headquartered in Dallas, Texas, is a privately held development and asset management company specializing in the student housing asset class across all markets in the United States. With over $2 billion in new housing development since 2000, the company's executive team brings extensive experience in creating value through all phases of the development process. Fountain Residential Partners maintains a boutique approach while delivering institutional-quality projects that align with the interests of investors and communities they serve.

FrontRange Capital Partners is a real estate private equity firm specializing in strategic partnerships with leading middle-market real estate companies, providing capital and operational expertise to help management teams institutionalize their businesses and execute growth plans. The firm aims to be a partner of choice for real estate owners and operators, offering investment opportunities and financial terms that reflect the value they bring to each relationship while serving their investors.

Atlantic American Partners manages private equity funds investing in real estate development opportunities primarily throughout the Southeast United States, focusing on multifamily apartments, student housing, hospitality and commercial retail. The firm offers EB-5 Visa applicants a unique investment option with a diversified portfolio of assets, helping to minimize investment risk compared to single-project investments.

BankUnited, Inc. is a bank holding company with $35.4 billion in total consolidated assets as of June 30, 2024 and operates through its wholly owned subsidiary, BankUnited. Headquartered in Miami Lakes, Florida, BankUnited (NYSE: BKU) is a national bank with banking centers in Florida, the New York metropolitan area and Dallas, Texas, known for its entrepreneurial and collaborative culture. Ranked #4 as one of America's Most Trusted Companies in the Banking industry, BankUnited fosters an inclusive environment and encourages employees to "GO FOR MORE™" in providing exceptional customer experiences.