4% New Construction
Transit-oriented, infill, rental community providing quality affordable homes to seniors and veterans.
Project at a Glance
Greystone Affordable Development and Urban Trends Real Estate Inc. are co-developing a new, senior housing community in a thriving neighborhood in Charlotte, North Carolina. The property is located within walking distance to the local light rail and is in close proximity to other neighborhood amenities. Eastway Crossings is a great example of local, state, and federal partners working with private developers to create much needed affordable housing for the most vulnerable senior and veteran households.
Fulfilling the mission to develop an affordable senior community while navigating the various challenges presented by the COVID-19 pandemic. Deliberate design and approach focused on providing space and resources to improve the quality of living for residents.
Greystone Affordable Development and Urban Trends Real Estate Inc. are co-developers that have been engaged on behalf of Harmony Housing, a national non-profit specializing in affordable and workforce housing. Eastway Crossings is Greystone’s first entry into the Charlotte market. The project is made possible with the support of local community groups, elected officials and the collaboration of our public partners: City of Charlotte, Mecklenburg County, Inlivian, and the W.G. Bill Hefner Department of Veteran Affairs Medical Center.
Eastway Crossings will be home to senior residents aged 55 years and older with household incomes at or below 60% AMI. Forty of the units will serve veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The common areas are strategically designed to include space for a variety of services, including conference rooms, exercise spaces, and other health and wellness activities. On-site staff will coordinate activities with local service providers as well as shuttle services for all residents. Additionally, a new senior center will be built to support the residents.
- LIHTC Allocating Agency: North Carolina Housing Finance Agency
- Bond Issuer and VASH PBV Contract Administrator: Inlivian (formerly known as the Charlotte Housing Authority)
- Construction Lender: Key Bank
- Permanent Financing: Key Bank / Fannie Mae
- Subordinate Lenders: City of Charlotte Housing Trust Fund (HTF) and Mecklenburg County
- LIHTC Syndicator: Key Community Development Corporation
- Architect: Tise-Kiester Architects
- General Contractor: Weavercooke Construction, LLC
- LIHTC Equity: $12M
- City of Charlotte Housing Trust Fund (HTF): $2M
- Mecklenburg County: $1.5M
- Fannie Mae MBS Tax-Exempt Bond Collateral (M.TEB): $13.4M
By the Numbers
“It’s been a pleasure partnering with Greystone on this vitally important affordable housing project. We know that the work we do is only a drop in the bucket in addressing the nation’s affordable housing crisis, but it will make a big impact here in East Charlotte.”CEO Affordable Housing Developer