Bellwether Closes Financing for South Carolina Redevelopment
The loan will fund the first phase of the rehabilitation process for Judson Mill, previously one of the largest textile mills in the world.
Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a Class A, mixed-use redevelopment in Greenville, S.C. The loan will fund the first phase of the rehabilitation process for the project with a focus on the multifamily component.
Located at 69 Westerfelt, the Judson Mill textile mill opened in 1912 and was once one of the largest in the world. In February 2018, the site was placed on the National Register of Historic Places.
Judson Mill’s 800,000 square feet of historic structures will be renovated into a live-work-play community. The project will consist of 204 apartments, as well as a community pool, fitness center and courtyard. Retail and commercial spaces are planned to be installed in future phases.
CresCom Bank worked as the lender in the transaction and will be utilizing the South Carolina Textiles Communities Revitalization Act tax credit in addition to state and federal historic tax credits.
Bellwether Enterprise’s Senior Vice President Matt Good and Vice President Marshall Waller arranged the financing on behalf of the borrower, Judson Mill Ventures I LLC.
Bellwether Enterprise is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. In August, the latter partnered with Brick Lane to acquire a 622-unit property in Columbia, S.C.