Barings has offered $17.4 million in permanent financing for Varick on 7th, a mixed-income multifamily housing development Charlotte, NC. The 1.3-acre development, a project between Laurel Street and Little Rock CDC, situated in the First Ward neighborhood and will provide 105 housing units to affordable and market rate tenants.

The development will be a five-story building with a lounge, café, fitness and business centers, community outdoor living space, bike storage space and a shared parking arrangement with Little Rock AME Zion Church in order to reduce the overall footprint of the development.

“The financing solutions for mixed-income housing developments can be challenging, but through the innovation and dedication of Barings, LISC Charlotte, the City of Charlotte, Laurel Street and Little Rock CDC, we were able to close on the financing structure of this signature project,” said Barings’ Daron Tubian, managing director and head of affordable housing investments.