by Adriana Pop, Associate Editor
WNC & Associates, Inc., a nationwide investment firm specializing in urban renewal and affordable housing projects, provided $9.5 million in Low Income Housing Tax Credit (LIHTC) financing to the Landmark Group for the redevelopment of a non-productive industrial site.
The Asheboro Hosiery Mill and Cranford Furniture Mill will be transformed into a 70-unit affordable housing community. The new 95,326-square-foot residential property in downtown Raleigh will be known as Asheboro Lofts. The feasibility of the project comes as a direct result of the increasing demand for affordable residential developments. Tom Maxwell, vice president of originations at WNC, noted that Asheboro has experienced steady population growth, which generates the need for well-located, affordable housing options.
Situated in a well-developed commercial and residential area, the community will include 20 one-bedroom units, 32 two-bedroom units and 18 three-bedroom units. In terms of architectural features, Landmark will seek to preserve the historic elements of the former mills in order to provide a distinctive industrial-inspired design. Besides LIHTC, additional funding for the $12.1 million project will be provided through federal historic and State Mill Rehabilitation tax credits. Upon completion, the property will be managed by the Landmark Property Management Co.
In regional news, the Hamner Institutes for Health Sciences and Alexandria Real Estate Equities, Inc. announced the launch of the Research Triangle Park (“RTP”) Collaboration Consortium, a strategic initiative meant to help shape RTP as an international platform for life science innovation. The purpose of the Alexandria-Hamner alliance is to improve the regional and international collaboration between the commercial sector and the world’s most renowned research entities.
According to Dr. William F. Greenlee, president and CEO of Hamner, the new alliance will expand the global reach of the campus and foster groundbreaking collaborations and life science discoveries for years to come. On Monday, Alexandria also announced an approximately $20 million purchase and leaseback deal for the Hamner’s 140,000-square-foot office and laboratory building at 6 Davis Drive in Research Triangle Park. According to the Triangle Business Journal, the acquisition also includes adjacent land located in the epicenter of RTP.