Done Deals: Affordable Family Housing Community Opens in Asheboro, N.C.

Saturday, June 22, 2013

Affordable Family Housing Community Opens in Asheboro, N.C.

Asheboro Mill Lofts, Asheboro, NC

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced the completion of Asheboro Mill Lofts, a 70-unit mixed-income affordable housing community in Asheboro, N.C.

WNC provided $9.4 million in tax credit equity, using a combination of low-income housing tax credits (LIHTC), federal historic tax credits and North Carolina Mill Rehab tax credits, to fund the project.

With a total project cost of $11.6 million, Asheboro Mill Lofts is a result of the adaptive reuse of two historic former mills, Asheboro Hosiery Mill and Cranford Furniture Mill, originally constructed in the early 1900s.

Gregory Hand

The property was redeveloped in partnership with The Landmark Group of Companies.

“Through a successful partnership, the former mills were transformed from an outdated and underutilized site into a beautiful home for the working families of Asheboro,” said Gregory Hand, WNC’s Senior Vice President, Underwriting.

“It provides a unique layout with large mill style windows retaining or replicating their original structure, and has preserved many historical elements of the former mills. We are pleased to have helped deliver such a quality project to the Asheboro community.”

R. Taylor Stanfield

Asheboro Mill Lofts is comprised of a mix of one-, two- and three-bedroom units, and is open to families earning no more than 60 percent of the area’s median income. Community amenities include a community room available for tenant functions, technology learning center, exercise room, playground and outdoor sitting and picnic areas.

“Asheboro Mill Lofts was a complex project and we are thrilled with the final result,” said R. Taylor Stanfield, President of The Landmark Group of Companies. “It is a true testament to the benefits of historic tax credits used in conjunction with low income housing tax credits, and a true blend of old and new offering the residents of Asheboro a unique housing option in the heart of downtown.”

Rehab Builders, Inc. of Winston-Salem served as the general contractor of the project and Rowhouse Architects of Asheville served as the architect. Landmark Property Management Company will continue to manage Asheboro Mill Lofts, which is currently 100 percent leased.