Gilbane JV Closes on $93M Affordable Raleigh Project
Completion is slated for 2028.
Raleigh Community Partners, a public-private partnership led by Harmony Housing Affordable Development, Gilbane Development and F7 International Development, has capitalized Chapanoke, a $93 million, 200-unit affordable project in Raleigh, N.C.
The capital stack included LIHTC equity acquired by Greystone, which also provided a construction loan. Citi issued permanent debt, while Wake County and the City of Raleigh rounded out the necessary financing with subordinate public loans.
Site work recently kicked off, according to F7 President James Motague. Upon completion in 2028, Chapanoke will feature one- to three-bedroom units reserved for residents earning at or below 30, 50, 60 and 70 percent of the area median income. The property will also include 10,000 square feet of retail.
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Located at 326 Chapanoke Road, the nearly 6-acre site used to belong to Wake Technical Community College, which donated it to the county in 2021. The property is also near the future Southern Wake Bus Rapid Transit corridor, which will connect downtown Raleigh to North South Station and Purser Drive in Garner, N.C.
The planned public transport enhancements have already drawn some multifamily construction activity. Just two years ago, Blue Ridge Cascade and RBC Capital Markets brought online the 90-unit Thrive South End, another affordable project located within walking distance of Chapanoke.
Harmony and F7’s affordable housing partnerships
Since its inception, Harmony Housing has delivered more than 18,000 units across 13 states and has a pipeline of 4,800 apartments in various stages of development.
The company has teamed up with F7 before. Last year, Buncombe County selected the duo for a 203-unit affordable development in Asheville, N.C. This April, that project moved forward as the site at 50-52 Coxe Ave. received the rezoning approval.
