Gilbane-Led Team Breaks Ground on 200-Unit Raleigh Affordable Housing Project

Gilbane, in partnership with Harmony Housing Affordable Development Inc. (HHAD) and F7 International Development, started work on Chapanoke, a 200-unit residential community in Raleigh. The property will also include 10,000 square feet of retail.

Located at 326 Chapanoke Road, the nearly $58 million development will serve households earning between 30% and 70% of Area Median Income (AMI) and is anticipated to be completed in early 2028. The development will offer 66 one-bedroom, 86 two-bedroom, and 48 three-bedroom apartments, accommodating a range of household sizes.

The development is being advanced through a coordinated public-private financing structure that brings together tax credit equity, private financing, and local public investment. Greystone Real Estate Capital is providing Low-Income Housing Tax Credit equity, while Greystone Housing Impact Investors LP and Citi Community Capital are supporting the project through construction and permanent financing. Wake County and the City of Raleigh are also contributing subordinate public financing, including $7.1 million in gap financing from Wake County.