The $37.7 million project was funded through a variety of sources, including an equity investment by NTCIC in the $5.5 million federal and $2.75 million state Historic Tax Credits generated by the project and a $4 million New Markets Tax Credit allocation. The project was also funded with $2.8MM of South Carolina’s State Abandoned Building Tax Credit.
NTCIC’s roles in the project include acting as the Federal NMTC Allocatee and Asset Manager, Federal and State HTC Investment sourcer, underwriter, and closer, Federal and State HTC Asset Manager, Federal and State Fund Manager, and Abandoned Building Tax Credit syndicator.
Originally known as Clifton Mill No. 3, the building was constructed in 1896 on the bank of the Pacolet River as part of the Clifton Manufacturing Company, one of the largest textile mills in the United States. The mill complex was part of the major growth of Spartanburg County, South Carolina’s textile industry leading the area to become one of the nation’s largest textile centers. At its peak, the factory complex housed over 57,000 spindles and 2,200 looms by the year 1900, nearly twice the number of its nearby competitors.