Dwight Capital is funding $ 27.4 million HUD loan for Drayton Mills Lofts, South Carolina
SPARTANBURG, SC – Dwight Capital has provided a $ 27.4 million HUD loan to Drayton Mills Lofts, an apartment building community of 289 units in Spartanburg. The HUD 223 (a) (7) loan is a refinancing of the existing HUD 221 (d) (4) loan that Grandbridge Real Estate Capital funded in 2014, the same year Westbridge Partners and TMS Development bought the 118 year old Drayton Mill .
The former textile mill now has a 60-foot saltwater lap pool, two-story fitness center, hiking trails, and communal areas. The individual apartments have large mill windows and 5 meter high natural wood ceilings in one, two and three-room floor plans. Rental rates range from $ 1,088 to $ 1,899.
Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as the Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare, and The Lauren Ashley Collection Salon and Bar.