Love Funding Provides $10.8M HUD Loan to Convert Mill in Upstate South Carolina into Loft Apartments
Love Funding has provided a $10.8 million loan to convert a former textile mill into Lofts by the Lake at Apache Mill, a proposed 97-unit apartment community in Greer. The development team is led by real estate veteran Dale Goodrich. Tammy Tate of Love Funding arranged the loan through HUD’s 221(d)(4) loan insurance program, which provides low-rate financing during construction and for a subsequent 40-year term. The transaction also makes use of federal and state historic tax credits, as well as state textile mill credits. Since the majority of the tax credits aren’t available until final completion, Tate also helped arrange a bridge loan for the borrower through Love Funding’s parent company, Midland States Bank. The 7.2-acre property was originally developed in the mid-1830s, and the first modern mill was constructed as a brick facility in 1988. The proposed apartment community will feature two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units and communal resources including lake access and kayak shoots. The project team includes architect Joe W. Hiller Jr. and general contractor Triangle Construction Co. Blue Ridge Property Management will manage Lofts by the Lake at Apache Mill upon completion.