IncomePlus Fund

Lively at Victor Park

Greer,

SC

Total Required Equity
$8,000,000
Asset Type
Multifamily
Investment Objective
Income
IRR
13%
Hold Period
3+ Years
Investment Date
10/19/2020

Investment Summary

Lively at Victor Park is a 318-unit, Class-A multifamily property in Greer, SC. The site was a former textile mill and is approved to receive tax credits through the South Carolina Textile Mill Tax Credit Program which will substantially mitigate repayment risk and effectively collateralizes our entire $8 million investment basis.

Key Deal Points

The project will earn 13.0% annually in accrued interest over a 20-month period and includes a 1.50% origination fee.

Occupying the capital stack from 67% to 82%, the project would need to lose 18% in value before our investment is at risk. Our last dollar exposure is at $132,000 per unit and sales within the last 24 months support pricing between $170,000 - $267,000 per unit.

The site is within a 10-minute walk of the Greer Station downtown area, which includes award winning restaurants and more than 40 buildings listed on the National Register of Historic Places.

The approved tax credit payments and potential purchase of these credits provides a secure takeout of our position.

Orange Capital Advisors is an integrated developer backed by its sister company, General Contractor CF Evans, who has a 72-years of experience with 13,000 multifamily units constructed to date.

Explore our open investment opportunities.