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November 03, 2020

Dwight Capital Finances $27.35 MM for Drayton Mills Lofts in South Carolina

Drayton Mills

Dwight Capital financed a $27.35 MM HUD 223(a)(7) loan for Drayton Mills Lofts, a 289-unit mill conversion apartment complex located in Spartanburg, SC. The property has received 5 awards and national acclaim. Its amenities include a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Drayton Mills Lofts’ apartments feature large mill windows and 17-foot tall natural wood ceilings with over 68 unique floor plans.

Dwight was able to take advantage of historically low interest rates and reduce the loan’s all-in interest rate considerably via the “A7” refinance. The loan includes a Green Mortgage Insurance Premium (“MIP”) Reduction set at 25 basis points as the property is ENERGY STAR certified. Managing Director, Brandon Baksh, and Originator, Brian Yee, originated this transaction.