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The NRP Group Completes 180-Unit Affordable Community in Northeast Charlotte
Cleveland, OH-based The NRP Group has completed Sundale Flats, a 180-unit affordable housing community located at 2019 Aberdale Farm Lane in northeast Charlotte, NC for residents earning at or below 80% AMI. Community Housing Resource Partners, Inc. is the project’s not-for-profit development partner.
“The need for affordable housing in Charlotte has only grown more acute as a result of the city’s primary location in a buzzing Sunbelt growth market,” said Jason Mochizuki, VP of development at The NRP Group, a developer, owner, builder and manager of multifamily housing.
Sundale Flats comprises three identical, four-story residential buildings utilizing a wood frame, elevator-serviced construction style with surface parking. The development also has a freestanding community building along with fitness center, clubhouse and community lounge, business center, playground, outdoor grill and picnic area, on-site laundry room and on-site parking.
Funding sources include:
- A $17.7 million Fannie Mae bond loan from INLIVIAN
- A $10.2 million bridge loan originated by Bank of America
- A $2 million construction loan from the City of Charlotte
- ◦Development
