Mills Construction Co. and SunTrust Community Capital have closed a $17.4 million deal to finance a 120-unit affordable housing development in Arden, N.C., located outside of Asheville.
All units at Perry Lane Apartments will serve households earning no more than 60% of the area median income.
The $17.4 million financing package includes an $8.3 million low-income housing tax credit equity investment and a $9.1 million construction loan from SunTrust Community Capital, a division of SunTrust Banks (NYSE: STI). Community Investment Corporation of the Carolinas provided a $5.7 million permanent loan.
“Our deep experience in North Carolina helps us to identify and meet the housing needs of individuals and families in underserved areas of the state,” said Fred G. Mills, Sr., founder of Mills Construction, in a statement. “Perry Lane Apartments will fulfill a vital need in the Arden area for high-quality, affordable housing options, and SunTrust Community Capital played a crucial role in making this community a reality.”
In addition to state-of-the-art appliances and on-site management, Perry Lane will feature a business center, a computer lab, a clubhouse, a playground, a picnic area, and community rooms.
Construction is scheduled to begin this month and is expected to be completed in August 2018.