Iron Bridge Real Estate invested in a condominium project in Greenville, South Carolina. The project consisted of the conversion of Mills Mill, a distressed, vacant historic mill into loft-style condominiums in partnership with a local developer. Iron Bridge analyzed the location and local condominium market and discovered pent-up demand for loft condos in Greenville, especially near downtown and the Central Business District.
Iron Bridge delivered a net IRR of more than 30 percent to its investors and still maintains an interest in future developable land at the site.
The project was well received by the market and all 105 units were sold at prices and absorption rates that exceeded the base case pro forma.
Legacy Impact on the Community:
Iron Bridge provided capital to take a condemned and unoccupied Mill building and rehabilitate and preserved a historic landmark building for future generations.