9% New Construction
Kirkwood Grove represents the first new construction project being executed by Greystone Affordable Development.
Project at a Glance
Greystone has a long history of successfully partnering and preserving affordable housing communities, having developed some 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 developer partners purchased a 20-acre site in Hudson, North Carolina utilizing just ten acres to construct 16 residential buildings containing 44, 1-Bedroom and 26, 2-bedroom residences. This Senior Community has been designed with single story, garden style buildings featuring covered front porches as well as a brick and vinyl siding façade. The development will also provide several amenities for the residents including a community center featuring a screened porch and computer room as well as a gazebo and picnic shelter. Construction on the project began in December of 2021 and is expected to be complete in just 13 months.
To create new affordable housing stock for seniors in Hudson, NC, which is a rural area of the state that would benefit greatly from additional affordable housing inventory.
Kirkwood Grove is the result of a strategic partnership formed by these two industry-leading affordable housing developers who share an approach, vision, and commitment to increasing the supply of and access to affordable housing. It is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years.
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.
This project will serve residents over 55 years of age with household incomes ranging from 40 to 60% Area Median Income (AMI). The community amenities will include a clubhouse, outdoor picnic area, and gazebo for all residents.
- Joint Venture Partner: Weaver-Kirkland Development, LLC
- LIHTC Allocating Agency: North Carolina Housing Finance Agency
- Subordinate Lender: North Carolina Housing Finance Agency (Rental Production Program (RPP) & Workforce Housing Loan Program (WHLP))
- Subordinate Lender: Western Piedmont Council of Governments Unifour Consortium (WPCOG)(HOME Loan)Loan)
- Senior Debt USDA 538 Loans: Churchill Stateside Group
- Construction Loan: Regions Bank
- Architect: Borum Wade and Associates, P.A.
- General Contractor: Weavercooke Construction, LLC
- LIHTC Equity: $6.7M
- Senior Debt (USDA 538 Loan): $2.2M
- Workforce Housing Loan Program: $1.3M
- HOME Investment Partnership Program: $300,000
- Rental Production Program: $800,000
“With the 9% tax credits being such a competitive process, we are proud to have received an award for the Kirkwood Grove project. The Greystone team has made the process from preliminary application to closing a smooth one.“
Vice President Joint Venture Partner