Greystone Affordable Development and Urban Trends Real Estate Inc. Break Ground on New Senior Affordable Housing Project in North Carolina
Greystone Affordable Development and Urban Trends Real Estate Inc. are pleased to announce the financial closing for Eastway Crossings, an affordable LIHTC community located in East Charlotte, North Carolina. Greystone and Urban Trends are co-developers working on behalf of Harmony Housing, a national non-profit specializing in affordable and workforce housing. This is Greystone Affordable Development’s first new construction project in the Charlotte market and the first collaboration between Urban Trends and Harmony Housing.
Eastway Crossings is located along the LYNX Blue Line and is within walking distance to the recently completed Eastway Recreational Center, as well as the multi-million-dollar Community Resource Center planned by Mecklenburg County. The Blue Line expansion into the neighborhood has been a catalyst for growth. There are several residential and mixed-use properties planned or under construction, but there is limited affordable senior housing.
Eastway Crossings will serve senior residents aged 55 years and older with household incomes at or below 60% AMI. Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The common areas are strategically designed to include space for services:conference room, private one-on-one meeting room, exercise room, and other areas which can be used for health and wellness activities. Additionally, on-site staff will coordinate activities with local service providers as well as shuttle services for residents.
“The overall programming for the building was drafted based on feedback and engagement with our local partners. Greystone and Urban Trends were intentional about initiating those conversations at the onset,” said Kenya Pleasant, Director of Development, Greystone Affordable Development.
To fund the $28.9 million development of Eastway Crossings, the partnership was awarded 4% Housing Credits from the North Carolina Housing Finance Agency, purchased by Key Community Development Corporation (KCDC) which generated $12 million in capital contributions. Other critical funding sources included $2 million from the City of Charlotte Housing Trust Fund (HTF), $1.5 million from Mecklenburg County, and $13.4 million in Fannie Mae MBS as Tax-Exempt Bond collateral (M.TEB).
“As we expand the ground-up construction part of our business, it is imperative we work with local stakeholders to assess the individual needs of a community and tailor our final product accordingly, in this case to seniors and veterans,” said Tanya Eastwood, President and CEO, Greystone Affordable Development.
“We are thrilled to partner with Urban Trends and Harmony Housing on this project and are thankful for the support of our public-private partners, with special mentions to the City of Charlotte, Mecklenburg County, Inlivian, W.G. Hefner Veterans Affairs Medical Center, Plaza Eastway Partners, Key Bank, NCHFA, elected officials and our other dedicated local partners,” Pleasant says.
“It’s been a pleasure partnering with Greystone on this vitally important affordable housing project,” said Chris Ogunrinde, President and CEO, Urban Trends Real Estate Inc. “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.”
“Harmony Housing’s residents in East Charlotte will be thrilled with a brand-new community to call home, and we are grateful for all of the partnership that goes into making the construction and completion of affordable housing possible,” said Bob Barolak, President, Harmony Housing. “Congratulations to the entire team on this milestone and for getting a step closer to achieving the mission of changing lives for the better through safe and affordable housing.”
Read more about the new construction deal in Multifamily Press: