Mills Construction Company and SunTrust Community Capital, a division of SunTrust Banks, Inc. (NYSE: STI), have announced the closing of an $11.35 million financing deal for an 80-unit multifamily development in Dallas, N.C., near Charlotte. The development will be called Long Creek Apartments II, and all units are affordable for those earning 60 percent of the area median income.
The $11.35 million includes a $4.7 million equity investment and $6.65 million construction loan from SunTrust Community Capital. Additionally, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency extended a $509,000 loan.
“We saw a lack of high quality, affordable housing options in the metro Charlotte area, and we are pleased that we can play a part in meeting this need,” said Fred Mills, Jr., president of Mills Construction Company. “Long Creek Apartments II will make a real difference for those who are not being served by the existing housing supply in the area.”
Long Creek Apartments II features will include state-of-the-art appliances, on-site management, and amenities including a business center, computer lab, clubhouse, playground, picnic area and community rooms.
“The lack of workforce housing is a nationwide problem,” said Keitt King, president of SunTrust Community Capital. “We are working with companies like Mills Construction to provide more affordable housing options where they are needed, and they are certainly needed in Dallas, North Carolina.”
Construction is scheduled to begin in May 2018 and is expected to finish in May 2019.