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The historic Woodside Cotton Mill in Greenville, SC is being renovated as an exciting and sustainable adaptive reuse campus.
• The total redevelopment will be approximately $80M. Permanent financing is lined up with a FHA backed, 40 non-recourse loan through the HUD 220 program and the sale of Federal and State Historic Tax credits.
• $1M has been invested by the developers in the project and it is ready to go.
• We are offering an investment opportunity of $5M to be used for the final acquisition of the property and working capital to complete the HUD loan application - a straightforward but time-consuming and document-filled process.
• The loan can be secured against the property, which is 500,000 sf, in 9 buildings on 14 acres, 1 mile from downtown Greenville, SC.
• The project will be a mixed use project with 260 market rate apartments and 90,000 sf of commercial space.
• Woodside is being designed for LEED Gold certification and when certified, Woodside will be the largest LEED certified historic project in the US.
• Greenville is home to the North American headquarters for BMW, Michelin and Nestle. GE Wind along with other large companies also is based in the Greenville area. Local academic institutions include Furman University, Clemson, Bob Jones and Greenville Technical Community College.
• All due diligence has been completed, the HUD loan has been underwritten and will be funded by a 3rd party lender - Grandbridge, a BB&T affiliate, phase 1 environmental study is complete, a market study and an economic impact study have been completed.
• The development team has considerable experience in the design, development and operation of these type of properties.
Email me if your interested in this deal. Vernon Tryon