The MJV Mill

Constructed in five phases from 1927-1938, the Mock Judson Voehringer (MJV) Mill is one of a precious few remaining structures that reflect Greensboro, North Carolina’s textile history. OCP purchased the mill in June 2010 and will bring the 150,000 square foot building back to life as a vibrant apartment complex located only two miles from downtown Greensboro and one mile from the University of North Carolina Greensboro’s main campus. The development will use federal historic and North Carolina State Mill Tax Credits.

At its height, the MJV Mill saw more than 2,000 Greensboro workers produce upwards of 19 million pairs of nylon hosiery per year. This level of production made Mock Judson Voehringer one of the three largest producers of nylon hosiery in the world.

With the MJV Mill’s location near Greensboro’s downtown employment hub, Guilford College, North Carolina Agricultural & Technical University, and the rapidly expanding UNCG, Octagon will help fulfill an acute demand for housing with the development. Featuring exposed brick walls, 15'+ ceilings, and floor-to-ceiling windows that ventilated the mill in a pre-air-conditioning era, the development’s 148 units will offer a unique loft feel not found elsewhere in Greensboro.

Octagon is working through construction financing for the development and is set to have the building listed on the National Register of Historic Places in February 2011. With the listing and accompanying federal historic and North Carolina Mill Tax Credit subsidies, Octagon’s loan-to-cost for the project is just above 50%. Octagon expects to receive financing and begin construction by summer 2011 and will have the mill ready for occupancy by the fall 2012.

For preleasing information, please contact Pete Goergen at 434-760-2430 or pete@octagonpartners.com.

Project Timeline:

• Closed on building in June 2010
• Pre-design phase and OCP seeking federal historic and North Carolina state mill credit financing from June 2010 - Current

Non-Traditional Financing Solutions:
• Anticipated Qualified Rehabilitation Expenditures of $19.00mm