Mills Construction Co. and SunTrust Community Capital announced the closing of an $11.35 million financing deal for an 80-unit multifamily development in Dallas, N.C., near Charlotte.
The development will be called Long Creek Apartments II, and all units will be affordable for residents earning no more than 60% of the area median income.
The $11.35 million includes a $4.7 million low-income housing tax credit equity investment and a $6.65 million construction loan from SunTrust Community Capital, a division of SunTrust Banks (NYSE: STI). Additionally, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency extended a $509,000 loan.
“We saw a lack of high-quality, affordable housing options in the metro Charlotte area, and we are pleased that we can play a part in meeting this need,” said Fred Mills Jr., president of Mills Construction Co., in a statement. “Long Creek Apartments II will make a real difference for those who are not being served by the existing housing supply in the area.”
The development will feature state-of-the-art appliances, on-site management, and amenities, including a business center, a computer lab, a clubhouse, a playground, and community rooms.
Construction is expected to finish in May 2019.
