Greystone Affordable Development and Weaver-Kirkland Development, LLC say they have achieved financial closing and launched construction of a $11.3 million, 70-unit affordable housing project in Hudson.
The Kirkwood Grove Apartments is the first of several affordable housing developments planned for constructio in North Carolina by the joint venture over the next couple of years, the developers say in a Jan. 3 statement.
In the statement, Greystone says it has a long history of successfully partnering and preserving affordable housing communities, having developed more than 14,500 units nationally, including 1,700 units in North Carolina.
“However, Kirkwood Grove will be Greystone’s first new construction affordable housing development where it will serve as a long-term owner,” the news release says.
“This joint venture has brought together like-minded partners who share an approach, vision, and commitment to increasing the supply of and access to affordable housing. Building upon this most recent accomplishment, a second collaboration between the two firms, The Havens at Oxford, a 60-unit affordable senior community to be constructed in Oxford, North Carolina is well underway and currently in the predevelopment phase with a closing anticipated in 2022.”
The construction is expected to be completed within 12 months.
To fund the project, the partnership was awarded 9% Housing Credits from North Carolina Housing Finance Agency (NCHFA) purchased by Regions Affordable Housing which generated $6.7 million in capital contributions, along with a $2.2 million in USDA Section 538 guaranteed loan from Churchill Stateside Group. Additional funding of $2.1 million has been provided by NCHFA-administered loan programs, including the Workforce Housing Loan Program and Rental Production Program, as well as $300,000 in HOME Investment Partnerships Program funds provided by the Western Piedmont Council of Governments Unifour Consortium.
“This project is significant for our team as the first that we are developing for our direct ownership,” said Tanya Eastwood, CEO of Greystone Affordable Development. “We are thrilled to partner with Weaver-Kirkland on this project in North Carolina and thank the NCHFA for their support in bringing this much needed housing to the senior population of Hudson.”
“With the 9% tax credits being such a competitive process, we are proud to have received an award for the Kirkwood Grove project,” said Robert Jolly, executive vice President, Weaver-Kirkland Development, LLC. “The Greystone team has made the process from preliminary application to closing a smooth one. Weaver-Kirkland is proud to have them as a partner on this project and look forward to future opportunities together.”