Urban Atlantic, Inlivian Secure $84M in Debt and Public Financing for Mixed-Income Project in Uptown Charlotte
CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority.
Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category.
Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant.
Other capital sources for the development include a $16 million Low-Income Housing Tax Credit (LIHTC) equity investment from Aetna, a CVS Health Company, and a $70.1 million forward permanent loan commitment from Barings. The development team partnered with HDP as the market-rate component equity investor and limited partner and Red Stone Equity Partners as the LIHTC syndicator.
Amenities at the property, which will feature apartments in studio, one-, two- and three-bedroom layouts, will include a coworking café, maker space, dog park and pet spa, pool, fitness studio and a rooftop recreation deck.