Dwight Capital Finances $27.4M HUD Loan for Drayton Mills Lofts in Upstate South Carolina
SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill.
The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom 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 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.