NorthMarq’s Atlanta office advises on a $60 million redevelopment of Woodside Mill in Greenville, South Carolina
ATLANTA, GEORGIA (September 23, 2019) – Will James served as a Financial Advisor to the sponsor of the adaptive reuse redevelopment of a 115-year old cotton mill. The property is located on Woodside Avenue in Greenville, South Carolina.
Financing Details:
- 3-year term (3-years of interest-only payments)
- Construction loan
- The advisory role included construction financing and Historic Tax Credit (HTC) structuring of five capital providers that involved "bridging" the HTC funding.
Producer Quote:
“After five previous attempts by various other developers over the past seven years, the project budget was approximately $60 million, and once complete the value should easily be equal if not higher than the Brandon Mill conversion that sold last year for $240,000 per unit.”
- Will James
Property Details:
- The property contains 307 units, rooftop amenity, common area pond and pool.
- Once the apartments are complete, the phase 2 commercial component will create a unique entertainment hub as the area continues to revitalize.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
