WNC and The Landmark Group Complete $11.6M Affordable Community
Asheboro, N.C.—WNC, in partnership with The Landmark Group of Companies, announced it has completed the redevelopment an $11.6 million affordable community called Asheboro Mill Lofts in Asheboro, N.C. The community is an adaptive reuse of two historic former mills, Asheboro Hosiery Mill and Cranford Furniture Mill, which were constructed in the early 1900s.
Asheboro Mill Lofts includes 70 units, and features a mix of one-, two- and three-bedroom apartments, and is open to families who earn no more than 60 percent of the area’s median income.
Amenities include a community room, technology learning center, exercise room, playground and outdoor picnic areas.
“Asheboro Mill Lofts is a real-world example of WNC’s mission to create partnerships that enrich people’s lives and improve the homes and communities where they live,” Gregory Hand, senior vice president of underwriting, WNC, tells MHN. “This mission was realized with the redevelopment of a historic site.”
WNC provided $9.4 million in tax credit equity to fund the community, using a combination of low-income housing tax credits, federal historic tax credits and North Carolina Mill Rehab tax credits.
The general contractor for Asheboro Mill Lofts is Rehab Builders Inc. of Winston-Salem, and the architect is Rowhouse Architects of Asheville.
Asheboro Mill Lofts is already 100 percent leased.