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Affordable Housing Venture Opens in Charlotte
The Paces Foundation and Soho Housing Partners opened The Legacy at Carr Heights Senior Apartments, a 120-unit affordable senior housing community in Charlotte, N.C. A number of other agencies collaborated on the project.
Commercial Edge reports the financing for the $31 million project included a $19.5 million loan from INLIVIAN with UMB Bank as trustee and a $1.6 million construction loan from Fifth Third Bank. Six other funding sources aided in the project financing. The Legacy at Carr Heights Senior Apartments is subject to a 99-year ground lease held by a local community land trust.
The affordable and age-restricted community is designated for residents over the age of 55. It’s located at 2642 West Blvd.
The four-story building incorporates one- and two-bedroom floorplans ranging between 690 and 950 square feet. Common-area amenities include a fitness, a business center, a community center, a theatre, a game room, a gazebo, laundry facilities, pet parks and covered porches.
- ◦Development
- ◦Financing
