Through CBRE’s Federal Housing Administration lending platform, the loan is being funded through the U.S. Department of Housing and Urban Development’s Section 223(f) mortgage insurance program providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure.
Mayfair Lofts offers a mix of one-bedroom, two-bedroom, and three-bedroom units, and includes communal space with a pool table and sitting area. A swimming pool, dog park, fitness center, library, and outdoor fire pit are also available for tenants.
Located in the Arcadia neighborhood, Mayfair Lofts has close proximity to downtown Spartanburg.
Originally operating as a textile manufacturing plant in 1924, the property was converted by the prior owner into one residential building with five accessory buildings and 191 parking spaces.
The borrower is Mayfair Apartments of S.C. LLC, which is managed by Blevins Family Properties LLC. The loan was originated by Terri Odenweller, vice president of CBRE’s Debt & Structured Finance team in Denver.
The property is managed by Stonemark Management.
Hillary Blevins, managing member of Hudson Capital Investments LLC, said it was a pleasure working with CBRE on the transaction, and their partners are pleased with the loan’s terms.