Bellwether Enterprise Real Estate Capital LLC has closed a $31 million construction loan for Judson Mill.
Bellwether Enterprise, which has an office in Greenville, said in a news release the plan calls for a mixed-use redevelopment property at 69 Westerfelt, off Easley Bridge Road in Greenville. The deal will fund the first phase of the project, focused on multifamily development.
Once one of the largest textile mills in the world, Judson Mill first opened in 1912, according to the news release. In February 2018, the site was placed on the National Register of Historic Places.
“Judson Mill played an important role in supporting the Greenville community for decades, and this redevelopment will ensure it can continue to do so for years to come,” Ned Huffman, president of Bellwether Enterprise, said in the release. “Bellwether Enterprise is excited to be a part of this revitalization, working closely with our partners to bring to life a place for both residents and the broader community to enjoy.”
Judson Mill’s 800,000 square feet of historic structures will be transformed into a live-work-play community, the release said. The project will consist of 204 new units, as well as a community pool, fitness center and courtyard. Retail and commercial spaces are planned for future phases.
Matt Good, senior vice president of Bellwether Enterprise, and Marshall Waller, vice president of Bellwether Enterprise, both based in the Greenville office, arranged the construction loan on behalf of the borrower, Judson Mill Ventures I LLC.
“This development has the potential to be a game-changer to the surrounding area, given the space available for future development and its proximity to downtown Greenville,” Waller said in the release.
The lender is CresCom Bank. The deal makes use of the South Carolina Textiles Communities Revitalization Act tax credits, as well as state and federal historic tax credits.
Bellwether Enterprise is a commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc.