CHARLOTTE, NC– WNC, a national investor in real estate and
community development initiatives, announced today the completion of Highland
Memorial Apartments, a 75-unit senior housing community in the Charlotte,
N.C. suburb of Gastonia.
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| Gregory Hand |
WNC provided $10.2 million in tax credit equity, using a
combination of low-income housing tax credits (LIHTC) and historic tax credits
to fund the project that converted the abandoned hospital into a quality
affordable home for seniors.
With a total project cost of $11.7 million, Highland
Memorial Apartments consists of two buildings that were redeveloped by The
Landmark Group of Winston-Salem, N.C.
Located at 401 N. Highland St., Highland Memorial
Apartments offers a mix of one- and two-bedroom units, with monthly rental
rates ranging from $254 to $595.
The property is available to seniors earning
between 30 percent and 60 percent of the area’s median income. Unit amenities
include washer/dryer hookups, new appliances and hardwood floors. The property
also offers two community rooms for tenants and onsite adult education classes.
“Highland Memorial Apartments was converted through the
adaptive reuse of an abandoned hospital originally constructed in the early
1920s,” said WNC’s Gregory Hand, Senior Vice President, Underwriting.
“The property is located in an area with a significant need
for low-income senior housing and immediately received numerous applications as
soon as the process began.
“We are thrilled to expand our relationship with Landmark,
with whom we have provided a number of properties to seniors and families in
need, and are pleased to offer the seniors of Gastonia this modern, affordable
housing option.”
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| Highland Memorial Apartments, Gastonia, NC |
Asheville-based Rowhouse Architects provided architectural
services while Rehab Builders Of Winston-Salem served as general contractor.
Through its Neighborhood Stabilization Program, the City of Gastonia provided a
$600,000 loan to help finance the Highland Memorial Apartments project.
Non-profit Preservation North Carolina aided in the development of the project.
For a complete
copy of the company’s news release, please contact:
Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile
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