ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.
Perry Lane Apartments in Arden, N.C., will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms.
SunTrust Community Capital Provides $17.4M in Financing for Multifamily Project Near Asheville
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