A public-private partnership between development partners will be recognized at a grand opening and ribbon cutting ceremony for a new Greensboro apartment home community. The public is invited to participate in the festivities, which begin at 12:30 pm Monday, July 29, at the Lofts at Elmsley Crossing, 420 Kallamdale Rd.
Trinity Housing Development LLC, Central Developers LLC, and Halcon Companies LLC developed the 84-unit community for low- and moderate-income families in conjunction with financing from Merchants Capital, City of Greensboro, and NC Housing Finance Agency.
The community was built with an allocation of $2.52 million of City of Greensboro HOME funds, approximately $3.4 million in loans from the Housing Finance Agency, as well as close to $3.56 million in conventional financing through Merchants Capital. Merchants Capital also provided more than $9.4 million in equity in the purchase of housing tax credits and the construction loan for the development. Total cost of the project was nearly $19.4 million.
Five percent of the units at the Lofts at Elmsley Crossing are fully handicapped accessible, with another five percent designed for mobility impairments. There are a mix of one-, two-, and three-bedroom garden-style apartments.
“The partnership was a win-win situation for everyone. It enabled us to provide high-quality workforce housing for families who need an affordable place to live,” said Traci Dusenbury Tate, Halcon development coordinator. “We were pleased to be part of such a wonderful public-private partnership with the City of Greensboro, the NCHFA and Merchants Capital.”
“Greensboro has been experiencing a housing shortage and this development will provide a much-needed apartment home community as the city continues to see growth,” said Cynthia Blue, assistant director or housing and strategy for the City’s Housing and Neighborhood Development Department.
“We continue to invest in the development of quality housing in accordance with the goals of the Housing GSO 10-year plan,” Blue added.
