Loan Amount$11.3 million
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.