Dec
18

Grandbridge Funds $27.35 Million Textile Mill Rehab

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Grandbridge LogoThe Greenville, S.C., office of Grandbridge Real Estate Capital, recently closed a $27,350,000 first mortgage loan secured by Drayton Mills Loft Apartments in Spartanburg, S.C. Senior Vice Presidents Bill Mattice and Phillip Cox originated the transaction.

Built in 1902, the mill will house 279 one-, two- and three-bedroom luxury apartments and maintain the two water towers used when the mill was in service. The property is roughly one mile from Spartanburg’s downtown district.

“Ms. Sherbert and her team have put a tremendous amount of time and thought into the design and selection of materials for the project. They have been very intentional throughout the process that the finished product honors the history of Drayton Mills, and the thousands of employees who worked there. The Grandbridge FHA/HUD team, led by Tim Duncan, worked diligently to blend federal historic tax credits, as well as South Carolina historic mill tax credits, with our FHA/HUD 221(d)(4) construction-to-perm loan product that offers a 40-year fixed rate loan term. This extended loan term is consistent with Ms. Sherbert’s vision of Drayton Mills continuing to be a fixture in the Spartanburg community for years to come,” Mattice said.

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    Categories : Greenville

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