BTR Communities Group, LLC and WNC & Associates Begin Construction on East Center Village in Lexington, NC
2024年7月24日 - 1:23AM
BTR Communities Group, LLC, a North Carolina-based developer
and owner of affordable housing, and WNC & Associates (WNC), a
family-owned business known as both a pioneer and leader in the
affordable housing industry, have begun construction on East Center
Village, an all-new 3-story affordable housing development in
central North Carolina. East Center Village is scheduled for
completion in August 2025, with an anticipated $12.4M total
development cost.
The development will create 54 affordable apartment units
targeting seniors aged 55+. Layouts include 34 one-bedroom units
and 20 two-bedroom units. Fourteen units are set for residents
earning 40% AMI and 40 units are set at 60% AMI. The complex will
be ENERGY STAR Multifamily New Construction Program certified, with
ENERGY STAR-rated appliances and exhaust fans.
Located at 520 East Center Street, East Center Village will be
located half a mile from downtown Lexington, a town of 20,000 and
the county seat of Davidson County. The site has convenient access
to major highways and public transportation with a bus stop
adjacent to the site and also within walking distance of a grocery
store and pharmacy. The site also has a Walk Score of 61,
indicating that some errands can be accomplished on foot by
active/mobile residents.
East Center Village will be the first age-restricted tax credit
development in the Lexington market, which will be a significant
value to the broader Lexington community, particularly for a
population that may be living off a fixed income. The term of
affordability is 30 years.
“As the first development of its kind in the community, WNC will
leave a lasting impact on the community for years to come by
offering a safe and affordable home for older Lexington residents,”
said Ryan Thayer, Assistant Vice President – Originations at
WNC.
Ten percent of units (6 units) will be set aside for disabled or
homeless individuals as a part of the Key Rental Assistance (Key)
program. Key is a partnership between the North Carolina Housing
Finance Agency (NCHFA) and the North Carolina Department of Health
and Human Services (DHHS) to provide rental assistance for
low-income people with disabilities, including those experiencing
homelessness. Individuals are referred to Key from the Department
of Health and Human Services and receive services through the
agency.
“WNC is pleased to participate in the Key Rental Assistance
program to provide housing for individuals in need,” said Anil
Advani, Executive Vice President, Originations and Finance at WNC.
“We are excited to expand into the North Carolina market and
fulfill a need to increase the affordable housing supply.”
This transaction was structured with an allocation of 9% LIHTC
credits, a construction loan from Merchants Bank of Indiana, and a
Freddie Mac permanent loan, serviced by Merchants Capital
Corporation.
About WNC & AssociatesFounded in 1971, WNC
& Associates (WNC) is a family-owned business known as both a
pioneer and leader in the affordable housing industry. WNC and its
affiliated companies specialize in tax credit syndication,
affordable housing development, and preservation equity fund
investments. Combined, the WNC companies have acquired
approximately $18.2 billion in assets across 48 states, including
more than 1,800 affordable rental properties that house more than 1
million residents. With offices in 16 states, WNC has partnered
with more than 400 developers and 125 institutional
investors. To learn more, visit: https://www.wncinc.com/.
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