One of the first Communities Located at Old Concord Station On The Blue Line Extension Will Be Reserved For People Making 60% Or Less of Median Income, or About $44,460 A Year For A Family of Four
The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced today it has broken ground on Platform Lofts, one of the first affordable multifamily housing communities located on Charlotte’s new light-rail extension on the Blue Line.
The community will be The NRP Group’s third in the Charlotte area, after Loft 135, an upscale, market-rate apartment community on the south end of Charlotte, completed in 2016 and The Parkwood, which began construction in 2017 and is set to finish this fall.
“The City of Charlotte is committed to partnering with developers like NRP to provide affordable housing for our citizens,” said Pamela J. Wideman, Director of housing and neighborhoods for the City of Charlotte. “The ability to have quality affordable housing in close proximity to the Blue Line extension and other transit options is a prime example of how lower income families can have access to affordable housing in areas that provide upward economic mobility opportunities. NRP’s Platform Lofts development provides such an opportunity. The City of Charlotte is proud to be partnering with NRP in this exciting new development.”
The 198-unit property will include a separate clubhouse and six residential buildings, consisting of a mix of two-, three- and four-bedroom apartment homes. Resident amenities will include, a multipurpose community room, gym, computer room, laundry room, medical exam room,screened porch, children’s indoor play area, and two covered picnic areas with grills, and playground.
Public access streets will run through the site, which will also have direct pedestrian access to the Cross Charlotte Trail. Platform Lofts is located across the street from Old Concord Station, part of the LYNX Blue Line Light Rail extension, and less than a mile from the Eastway Rec Center, a $40 million community center scheduled for delivery in 2020.
All of the apartment homes at Platform Lofts will be reserved for people making 60% or less than the median income in Meck County, about $44,460 a year for a family of four.
“We’ve been acutely aware that the city of Charlotte has a great need for affordable housing at a mix of income levels, so we are thrilled at the prospect of participating in the opportunity to supply this type of housing,” said Aaron Pechota, Senior Vice President at The NRP Group. “The effort to bring affordable housing to this site, at this long-awaited transit line, was years in the making and should bear fruit soon.”
Bank of America Merrill Lynch provided more than $25 million in loans and a direct LIHTC equity investment of $13.2 million. It was the 29th transaction the bank completed with NRP Group over the past 10+ years.
“This development is an example of the work we’re leading to support Charlotte’s housing needs,” said Charles Bowman, Bank of America market president for Charlotte, North Carolina. “Our commitment to support affordable housing is part of how we drive economic mobility and help create safe and stable communities for residents of Charlotte.”
The City of Charlotte’s Housing Trust Fund is providing $5.1M in gap financing. The NRP Group also partnered with Community Housing Resource (CHR), a nonprofit dedicated to developing quality, affordable housing where built-in social services empower low-income residents to grow and prosper.
Completion of Platform Lofts is scheduled for 2020.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in- class multifamily housing. Since its founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 19,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market- rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
