TriBridge Opens 202-Unit Community in North Carolina
Prudential Financial originated a $32.9 million HUD loan for the developer.
TriBridge Residential has opened Mountain Creek, a 202-unit community in Waynesville, N.C. The first residents are moving in the 116 units that were completed. TriBridge began work in January 2022 and expects to bring online the rest of the units by May 2024.
In 2021, Prudential Financial originated a $32.9 million HUD loan for the developer, with a fixed interest rate of 2.87 percent, Yardi Matrix data shows. The loan matures in 2064.
The community consists of two four-story buildings with one-, two- and three-bedroom floorplans. Apartment sizes range from 583 to 1,240 square feet. In-unit features include washers and dryers, private balconies and patios. Twenty units are reserved for households earning less than 80 percent of the area median income.
Common-area amenities at the 7.2-acre property comprise a fitness center, clubhouse, business center, along with a swimming pool and firepits. As part of the development, TriBridge donated 1.6 acres to the city of Waynesville for the expansion of Richland Creek Greenway.
Located at 155 Mountain Creek Way, the community is near Waynesville Plaza, which houses a host of dining and entertainment options. Lake Junaluska Golf Course is some 2 miles away, while Haywood Regional Medical Center is 4 miles northeast.
TriBridge owns six multifamily assets in North Carolina, according to Yardi Matrix. In September last year, the developer acquired Loray Mill Lofts, a 189-unit community in Gastonia, N.C., for $45 million, and is planning a second phase.