CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a total of $48 million in financing for Eastway Park Apartments, a 132-unit affordable seniors housing development in Charlotte. The financing includes a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae mortgage-backed security (MBS) as Tax-Exempt Bond Collateral (MTEB). In addition, KeyBank subsidiary Key Community Development Corp. (KCDC) is investing $12 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity to support the development. The nonprofit borrower and developer, Harmony Housing, did not disclose a construction timeline for the project.
Eastway Park will include age-restricted units for those 55 years of age and older. The property will serve households earning a range from 30 percent to 80 percent of area median income (AMI) and will be subject to an agreement ensuring ongoing affordability for at least 30 years. Out of the 132 units, 40 of the one-bedroom units will have project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) Vouchers from Inlivian, formerly known as Charlotte Housing Authority.
The development will provide supportive services to tenants including a shuttle service. The development team has also contacted organizations such as Mecklenburg County, Atrium Health, the VA and several other neighborhood community associations to explore additional opportunities for collaboration to support the residents. Community amenities will include a conference room, private one-on-one meeting space for health professionals to connect with residents, exercise room, outdoor sitting areas and balconies.
In addition to KeyBank, further funding sources for the project include an undisclosed amount of allocation from the City of Charlotte Housing Trust Fund and funding from Charlotte-Mecklenburg County. Kyle Kolesar of KBREC’s Community Development Lending and Investment team, Tabaré Borbon of KBREC’s Commercial Mortgage Group and John-Paul Vachon of KCDC structured the financing.