Greystone Affordable Development and Weaver-Kirkland Development Partner on New Senior Affordable Housing Project in North Carolina
70-Unit Multifamily Project Marks Greystone Affordable Development’s First New Construction Structure
Greystone Affordable Development and Weaver-Kirkland Development, LLC are pleased to announce the financial closing and official groundbreaking for Kirkwood Grove Apartments, a 70-unit affordable senior housing community in Hudson, North Carolina. Kirkwood Grove is the result of a strategic partnership formed by these two industry-leading affordable housing developers, and is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years.
Greystone has a long history of successfully partnering and preserving affordable housing communities, having developed some 14,500+ units nationally, including 1,700 units in North Carolina. However, Kirkwood Grove will be Greystone’s first new construction affordable housing development where it will serve as a long-term owner. This joint venture has brought together like-minded partners who share an approach, vision, and commitment to increasing the supply of and access to affordable housing. Building upon this most recent accomplishment, a second collaboration between the two firms, The Havens at Oxford, a 60-unit affordable senior community to be constructed in Oxford, North Carolina is well underway and currently in the predevelopment phase with a closing anticipated in 2022.
All 70-units at Kirkwood Grove will be restricted to and serve residents over 55 years of age with household incomes ranging from 40% to 60% area median income (AMI). The construction is expected to be completed within twelve months.
To fund the $11.3 million development of the project, the partnership was awarded 9% Housing Credits from North Carolina Housing Finance Agency (NCHFA) purchased by Regions Affordable Housing which generated $6.7 million in capital contributions, along with a $2.2 million in USDA Section 538 guaranteed loan from Churchill Stateside Group. Additional funding of $2.1 million has been provided by NCHFA-administered loan programs, including the Workforce Housing Loan Program and Rental Production Program, as well as $300,000 in HOME Investment Partnerships Program funds provided by the Western Piedmont Council of Governments Unifour Consortium.
“This project is significant for our team as the first that we are developing for our direct ownership,” said Tanya Eastwood, CEO of Greystone Affordable Development. “We are thrilled to partner with Weaver-Kirkland on this project in North Carolina and thank the NCHFA for their support in bringing this much-needed housing to the senior population of Hudson.”
“With the 9% tax credits being such a competitive process, we are proud to have received an award for the Kirkwood Grove project,” said Robert Jolly, Executive Vice President, Weaver-Kirkland Development, LLC. “The Greystone team has made the process from preliminary application to closing a smooth one. Weaver-Kirkland is proud to have them as a Partner on this project and look forward to future opportunities together.”