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Lender provides $25 million loan to finance mixed-use historic rehabilitation project

A specialty lender provided a $24,865,000 construction loan to a real estate developer to finance construction of a 360,000 square foot mixed-use property in South Carolina, secured by a first lien mortgage. The project involves conversion of a 117-year-old historic textile mill to include 254 residential units and 50,000 square feet of commercial space. Following completion of construction, the project is expected be refinanced with a first mortgage permanent loan insured under the HUD Section 207/223(f) Program.

Waller represented the lender in the financing, which included extensive construction-related due diligence and documentation.

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