Tax Advantage Group assists in closing $9 million financing for renovation of Plush Mill
August 14, 2018
Tax Advantage Group LLC (TAG), a consulting firm specializing in New Markets Tax Credit (NMTC) financing, assisted in the closing of an approximately $9 million financing package to complete the renovation of the historic Plush Mill in Greenville, South Carolina. The project, located in an Appalachian Regional Commission Distressed Area with 44.2% poverty and 36.8% median family income, included remediation of a brownfield site, restoration of the Plush Mill, and development of a pocket park for the City of Greenville.
The revitalized 24,500 square-foot building will house Serendipity Labs, a high-performance co-working and shared office space located just minutes from downtown Greenville.
Project developer Mark Peters says he knew that the old textile building, which has long been an eyesore for the surrounding community, had the potential to become a hub for activity on the Easley Bridge corridor. He said, “The availability of the New Markets Tax Credits and South Carolina Textiles Communities Revitalization programs were essential to completing this project and restoring vibrancy to this long-neglected neighborhood. Tax Advantage Group was able to guide us through the multi-faceted financing package to successful completion.”
Peters, one of the founders of Britt Peters & Associates, now focuses his time on the redevelopment of defunct manufacturing facilities that face significant barriers to traditional financing in both South Carolina and Indiana.
TAG’s NMTC Program Senior Manager Pete Byford noted that “strong transactional partnerships with investors and companies like Iberia Bank, River Gorge Capital, and Stonehenge Community Capital, allow developers like Mr. Peters to invest in projects that transform communities.” He added, “The continuing support of the New Markets Tax Credit program from South Carolina Senators Tim Scott and Lindsey Graham, as well as U.S. Representative Trey Gowdy, allow this flexible and powerful financing tool to do good for our region and across the country.”
About Tax Advantage Group
Headquartered in Greenville, S.C., Tax Advantage Group (TAG) is one of the country’s most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities. Since 2004, and in addition to managing $450 million of NMTC assets, TAG has played an instrumental role in securing funding for over $1.4 billion for community projects across the United States.
