CHARLOTTE, NC - The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced it has broken ground on Platform Lofts, one of the first affordable multifamily housing communities located on Charlotte's new light-rail extension on the Blue Line.
The community will be The NRP Group's third in the Charlotte area, after Loft 135, an upscale, market-rate apartment community on the south end of Charlotte, completed in 2016 and The Parkwood, which began construction in 2017 and is set to finish this fall.
"The City of Charlotte is committed to partnering with developers like NRP to provide affordable housing for our citizens," said Pamela J. Wideman, Director of housing and neighborhoods for the City of Charlotte. "The ability to have quality affordable housing in close proximity to the Blue Line extension and other transit options is a prime example of how lower income families can have access to affordable housing in areas that provide upward economic mobility opportunities. NRP's Platform Lofts development provides such an opportunity. The City of Charlotte is proud to be partnering with NRP in this exciting new development."
The 198-unit property will include a separate clubhouse and six residential buildings, consisting of a mix of two-, three- and four-bedroom apartment homes. Resident amenities will include, a multipurpose community room, gym, computer room, laundry room, medical exam room, screened porch, children's indoor play area, and two covered picnic areas with grills, and playground.
Public access streets will run through the site, which will also have direct pedestrian access to the Cross Charlotte Trail. Platform Lofts is located across the street from Old Concord Station, part of the LYNX Blue Line Light Rail extension, and less than a mile from the Eastway Rec Center, a $40 million community center scheduled for delivery in 2020.
All of the apartment homes at Platform Lofts will be reserved for people making 60% or less than the median income in Meck County, about $44,460 a year for a family of four.
"We've been acutely aware that the city of Charlotte has a great need for affordable housing at a mix of income levels, so we are thrilled at the prospect of participating in the opportunity to supply this type of housing," said Aaron Pechota, Senior Vice President at The NRP Group. "The effort to bring affordable housing to this site, at this long-awaited transit line, was years in the making and should bear fruit soon."
Bank of America Merrill Lynch provided more than $25 million in loans and a direct LIHTC equity investment of $13.2 million. It was the 29th transaction the bank completed with NRP Group over the past 10+ years.
"This development is an example of the work we're leading to support Charlotte's housing needs," said Charles Bowman, Bank of America market president for Charlotte, North Carolina. "Our commitment to support affordable housing is part of how we drive economic mobility and help create safe and stable communities for residents of Charlotte."
The City of Charlotte's Housing Trust Fund is providing $5.1M in gap financing. The NRP Group also partnered with Community Housing Resource (CHR), a nonprofit dedicated to developing quality, affordable housing where built-in social services empower low-income residents to grow and prosper.
Completion of Platform Lofts is scheduled for 2020.