Development Team Inks $93M Financing for 200-Unit Raleigh Affordable Housing Venture

A public-private partnership led by Harmony Housing Affordable Development Inc. (HHAD), Gilbane Development, and F7 International Development, comprising Raleigh Community Partners, has capitalized Chapanoke, a $93 million, 200-unit affordable project in Raleigh.

Multihousing News reports financing included Low-Income Housing Tax Credit equity provided by Greystone Real Estate Capital, private construction and permanent financing from Greystone Housing Impact Investors LP and Citi Community Capital, and subordinate public loans from Wake County and the City of Raleigh. 

Site work recently kicked off. Upon completion in 2028, Chapanoke will feature one- to three-bedroom units reserved for residents earning at or below 30, 50, 60 and 70 percent of the area median income. The property will also include 10,000 square feet of retail.

Located at 326 Chapanoke Road, the nearly 6-acre site formerly belonged to Wake Technical Community College, which donated it to the county in 2021. The property is also near the future Southern Wake Bus Rapid Transit corridor.