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Company makes $8 million investment in Victor Mill site

Staff Report //November 6, 2020//

Company makes $8 million investment in Victor Mill site

Staff Report //November 6, 2020//

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Lively at Victor Park will bring 318 apartments, a two-story gym and pool to the former Victor Mill site. (Photo/Provided)Origin Investments has made an $8 million preferred equity investment as part of the financing for Lively at Victor Park, a multifamily property being developed by Orange Capital Advisors and its construction arm, CF Evans, in Greer.

Lively at Victor Park, a $51 million development, will be located on the 22-acre site of the former Victor Mill, a news release said. The development has been approved to receive tax credits through the South Carolina Textile Mill Tax Credit Program, designed to provide an incentive for the redevelopment of old mill sites.

The city annexed the property in August 2019 and approved the development plan in February.

“Lively at Victor Park is a timely, well-conceived and designed multifamily project — a good investment on its own merits,” David Welk, managing director of acquisitions at Origin Investments, said in the release. “The textile mill tax credit program collateralizes our investment creating a unique investment opportunity with protection for the IncomePlus Fund and its investors.”

The new development will feature 318 apartments. The average unit will be 879 square feet. Lively at Victor Park overlooks a master-planned park and ponds. Amenities include a two-story gym, second floor lounge and yoga room overlooking the park, a resort style pool, a fitness center with Crossfit and TRX Equipment, a pet park, an outdoor grilling cabana and fire pit as well as professional dog washing stations and an auto car detail center, the release said.

Construction already has begun. Phased in occupancy is expected to take place beginning in the winter of 2022.

Origin Investments said in the release that it expects the alliance with Orange Capital Advisors and CF Evans to lead to additional investments.

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