Annex Group Plans Charlotte Affordable Community
The $44 million project is slated for completion in 2025.
Union at Tryon rendering. Image courtesy of The Annex Group
The Annex Group plans to develop a 200-unit affordable multifamily community, Union at Tryon, in Charlotte, N.C. The $44 million project is slated for completion in 2025. Tarr Group will serve as civil engineer and Shelter Investments Development Corp. as LIHTC consultant.
Designed by KTGY, Union at Tryon will encompass studio, one-, two- and three-bedroom units with different floorplans, targeting residents earning up to 60 percent of the Area Median Income. Common-area amenities will include a playground, a fitness and business center, a community center, walking trails, community gardens and grilling areas. The Annex Group will manage the property upon its completion.
The community will take shape on a 7.5-acre site at 614 Rocco Road, between Hampton Church Road and Shopping Center Drive. There are many dining options, schools, retail spaces and entertainment venues in the area. Atrium Health University City and University City South are within a 3-mile radius.
The University City development will receive a total of $45 million from several financial partners. INLIVIAN issued $20.8 million in tax-exempt bonds, which will make up a portion of Merchants Capital‘s $31 million construction loan. This will be taken out by $18 million in equity from Aegon Asset Management and $20.8 million in permanent financing provided by Freddie Mac.
Merchants Capital recently provided a HUD/FHA 221d4 loan for the renovation of a Section 8 affordable community in Chicago. The NHP Foundation managed to obtain a total of $18.3 million in financing from a series of investors.
