WNC & Associates, Winterwood Development, LLC, and Lumina Partners, LLC Begin Construction on Affordable Housing Community in Charlotte, N.C.
Located at 6010 Calle Lumina Way, Sycamore Station II comprises seven three-story buildings and a community center. The buildings house 168 residences, including 48 one-bedroom garden units, 36 two-bedroom garden units and 84 three-bedroom garden units.
Designed to serve residents earning no more than 60% of the Area Median Income (AMI) for Mecklenburg County—approximately $67,320 annually for a family of four—the property will offer rents significantly below those of comparable market-rate units. Estimated monthly rents are $1,100 for a one-bedroom, $1,400 for a two-bedroom, and $1,600 for a three-bedroom apartment.
Sycamore Station II will be the second phase of the larger Sycamore Station project, which opened in December 2022. Sycamore Station Apartments, the preceding phase, also offers 168 one-, two- and three-bedroom units, and currently maintains a six-month waiting period for an available unit.
'As one of the fastest growing cities in the country, there is an incredible need to ensure that there is ample affordable housing in Charlotte,' said Anil Advani, Executive Vice President of Originations and Finance at WNC. 'We are proud to partner on this development, which will provide high-quality, affordable homes and help meet the critical demand for housing in this vibrant and expanding community.'
Each residence will feature a full range of modern amenities designed to support comfortable living, including a refrigerator, range oven, and central air conditioning. Additional features such as durable vinyl flooring, window blinds, and ceiling fans enhance both style and functionality. Units will also offer washer and dryer hookups, as well as private patios or balconies with attached storage closets, providing residents with a practical and welcoming living environment.
Community amenities will be centered around a thoughtfully designed clubhouse, which will feature an on-site management office, laundry facilities, an activity room, and a computer center to support resident needs. Outdoor spaces will include a playground, and a BBQ/picnic area conveniently located just east of the clubhouse. In addition, residents will enjoy access to the fitness center at Sycamore Station Apartments, located immediately to the west, further enhancing the range of amenities available to the community.
Sycamore Station II will be financed through a combination of funding sources, including $20.8 million in Low-Income Housing Tax Credit equity from WNC & Associates, Inc., a $39 million construction loan from Citibank, and a $24 million long-term permanent loan, also provided by Citibank.
The project will break ground immediately and construction is expected to be completed in Spring 2027.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
About Winterwood Development, LLC
Winterwood Development is a family owned, Kentucky based affordable housing development firm with 42 years of experience. Winterwood Development's mission is to provide affordable and safe housing for those in need. The firm specializes in senior and multifamily development and rehabilitation, with vast experience in LIHTC, Bonds, USDA Rural Development financing, HUD, and more. To learn more, visit: https://winterwooddevelopment.com/.
About Lumina Partners, LLC
Lumina Partners, LLC was formed in 2020 for the creation of affordable housing and to serve as housing resource firm to the LIHTC Industry. Lumina is a developer and real estate investor and partners with affordable housing owners, investors and property managers to provide compliance monitoring, auditing, reporting and asset management support. Lumina specializes in assisting clients in maintaining compliance with Low Income Housing Tax Credit, United States Department of Housing and Urban Development (HUD), USDA Rural Development, and numerous other state and local affordable housing programs across the United States. Currently, Lumina is monitoring 1,000 affordable units, assisting partners with timely, accurate file reviews and reporting. To learn more, visit: https://www.luminapartnersllc.com/.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fe77dc1-1d91-4970-aadc-a9f5cb9dd206
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Stock compensation expense 4,009,507 9,552,542 Changes in operating assets and liabilities: Accounts receivable, net (2,337,679 ) (3,475,878 ) Inventory, net (10,221,214 ) (199,750 ) Deferred revenue 1,739,652 3,032,484 Prepaids and other assets (2,572,481 ) (421,539 ) Accounts payable 3,782,409 224,821 Income taxes payable, net 620,586 - Accrued expenses & other liabilities 1,629,136 808,818 Operating lease payment (407,188 ) (342,202 ) Net cash used in operating activities (9,555,703 ) (3,694,486 ) Cash flows from investing activities: Purchase of property, plant and equipment (1,189,452 ) (2,239,139 ) Net cash used in investing activities (1,189,452 ) (2,239,139 ) Cash flows from financing activities: Proceeds from bank overdraft facility (net) (1,014,593 ) 842,610 Proceeds from issuance of convertible notes to principal shareholder 28,000,000 3,000,000 Proceeds from issuance of convertible notes to other investors - 1,450,000 Repayment of convertible notes to principal shareholder, including interest (4,212,637 ) - 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Concurrently, ZF's 2025 EV Select platform introduces reduction gears that are approximately 10 kg lighter than their predecessors, a significant gain in the quest for efficiency. In the micro-mobility space, Valeo's 2024 Cyclee™ technology for e-bikes features a 7-speed automatic transmission that delivers an astounding 130 Nm of torque, while a 2024 update reduced its noise level by around 7dB. For commercial vehicles, ZF's TraXon 2 Hybrid transmission for 2025 integrates an electric motor providing 190 kW of continuous power. Meanwhile, BorgWarner's HVH220 eMotor, part of a major 2024 business win, features a 220 mm stator outer diameter, generates up to 300kW, and reaches a maximum speed of 18,000 rpm. The Fiercely Contested Competitive Landscape and Key Strategic Alliances for 2025 The competitive arena of the Electric vehicle transmission market is a hotbed of strategic activity. In 2024, Dana Incorporated proudly secured its ninth Automotive News PACE Award for its innovative electro-mechanical, infinitely variable transmission (EMIVT) system. Demonstrating the global race for market share, BorgWarner announced four significant eMotor business awards with three major Chinese OEMs, with these programs set to launch in 2025 and 2026. A landmark collaboration was solidified in March 2024 when Aisin and Subaru entered a contract for the joint development and production of eAxles for Subaru's upcoming BEVs. Not to be outdone, ZF is introducing a modular two-speed EV transmission system in 2024 to extend vehicle range. Looking ahead, Valeo is preparing for a major series production project in early 2026 with a leading automaker and operates a vast network of 159 manufacturing plants and 64 R&D centers as of mid-2024. With more than ten major automotive suppliers actively competing in 2025 and Bosch ramping up volume production of its new 800V powertrain systems, the competitive intensity is at an all-time high. Massive Investments in Production Capacity Fueling the Global Supply Chain Expansion To meet the soaring demand, suppliers in the electric vehicle transmission market are aggressively expanding their manufacturing footprints. Dana's Spicer Electrified™ e-Transmissions are set to debut on a global EV platform in early 2024, a testament to their production readiness. ZF is gearing up to begin ramping up production of its comprehensive 'E-Mobility kit' for commercial vehicles in 2025, supported by a new 2,000-square-meter "eMobility Campus" becoming operational in 2025 for its CeTrax and AxTrax drive systems. This follows ZF's construction of its third e-mobility production plant in China, which began in July 2023. Similarly, Continental AG commenced mass production of electric powertrains at its Chinese plant in 2024. In the U.S., Allison Transmission has completed a new 10,000-square-meter facility in Auburn Hills, Michigan, capable of manufacturing all products within its eGen Power portfolio and has invested in new dynamometers to validate its e-axle technologies. The scale of this expansion is underpinned by deep innovation, with Dana holding over 1,900 electrification patents and having over 51,000 vehicles on the road with its e-Motors as of early 2024. Heavy-Duty Commercial Vehicles: A High-Torque Segment Powering Market Growth The electrification of commercial vehicles represents a uniquely demanding and lucrative segment of the electric vehicle transmission market. Dana's Zero-6 e-Transmission is engineered to handle a gross vehicle weight rating of up to 59,500 lbs and is featured in specialized applications like the Pierce Volterra Electric Fire Truck. In 2024, the European electric city bus market saw 7,779 new vehicle registrations, highlighting the sector's rapid adoption. Allison Transmission is a key player, with its eGen Power 100D e-axle designed for heavy-duty 6x2 applications and the 130D targeting European and Asia-Pacific markets. For tandem-axle trucks, Allison offers the eGen Power 100S. ZF is also making significant strides; its 4-speed transmission for electric trucks, introduced in 2024, improves torque handling by nearly 22% and can increase battery range by almost 13%. This is critical as China accounted for over 80% of global electric medium- and heavy-duty truck sales in 2024. In a major win, Allison Transmission was selected in January 2024 to supply e-Axles for North America's first fully integrated electric refuse truck. Passenger and Light Vehicle Transmissions: Pushing Boundaries for Mainstream Consumer Adoption In the passenger vehicle space, the focus is on enhancing efficiency and performance to drive mainstream adoption. BorgWarner's iDM220 integrated drive module, showcased in 2024, is highly customizable, offering power between 150 and 250kW in 400V systems and up to 500kW in 800V architectures, all while achieving a peak efficiency of over 97%. A 2025 study from the International Energy Agency noted that in 2024, the sales share of light-duty EVs in the electric vehicle transmission market surpassed that of two- and three-wheelers for the first time globally. Catering to a wide range of vehicles, Allison's eGen Power 85S e-Axle is tailored for midi-buses and small trucks requiring a lower 8.5-tonne gross axle weight rating. Its larger eGen Power 100S features a two-speed parallel axis gear design and is capable of 100% regenerative braking. Supporting the aftermarket, Schaeffler is set to present its E-Axle RepSystem G and M repair kits at Automechanika Frankfurt 2024. The Inevitable Rise of E-Axles: Revolutionizing Powertrain Design and Vehicle Architecture A defining trend reshaping vehicle architecture is the rise of the e-Axle in the electric vehicle transmission market . These highly integrated systems are engineered to entirely replace the traditional powertrain, fitting compactly between the wheels of commercial and passenger vehicles. Allison's eGen Power e-Axles exemplify this design philosophy, integrating a sophisticated two-speed gearbox directly into the central housing. The single-motor eGen Power 100S e-Axle from Allison has a gross axle weight rating of 10.4 tons. This integration allows for optimized packaging, reduced weight, and simplified assembly, contributing significantly to the overall efficiency and performance of the electric vehicle. The move towards e-axles marks a fundamental departure from legacy powertrain layouts, creating new opportunities for vehicle designers and engineers. This shift underscores a key development vector within the broader Electric vehicle transmission market, favoring suppliers who can master this complex integration. Integrated Drive Modules: The Unstoppable Future of the EV Transmission Market Taking integration a step further, Integrated Drive Modules (IDMs) are becoming the new frontier. These modules consolidate the e-motor, transmission, and power electronics into a single, cohesive unit. Dana's 4-in-1 e-Beam, introduced in 2024, takes this to the extreme by combining thermal management, an e-Motor, an inverter, software, and an e-Beam axle into one package. Similarly, Schaeffler's 3-in-1 electric axle merges the core components into a single system. The dual-motor eGen Power e-Axle from Allison, also with a 10.4-tonne gross axle weight rating, demonstrates immense power density, generating over 450 kilowatts of continuous power and a staggering 650 kilowatts of peak power. BorgWarner's Viper power module is a critical enabler for these systems, serving as the core of their Silicon Carbide (SiC) inverter. The trend towards complete motor and transmission integration is definitively reshaping the competitive landscape of the electric vehicle transmission market. Single-Speed vs. Multi-Speed Transmissions: A Strategic Battleground for Niche Dominance While single-speed transmissions will continue to be the predominant choice in the immediate future due to their simplicity and cost-effectiveness, a fascinating battle is emerging. The adoption of multi-speed transmissions is expected to grow significantly in the coming years. In 2023, battery electric vehicles accounted for 78% of global EV sales, and within this massive segment, multi-speed transmissions are gaining crucial traction. Two-speed transmissions, in particular, are becoming increasingly popular in high-performance EVs. The development of multi-speed transmissions is emerging as a significant trend shaping the future of the electric vehicle transmission market, especially as a strategic choice for heavy-duty trucks and high-performance sports cars where torque multiplication and top-end efficiency are paramount. The single-speed transmission segment is projected to hold a major market share in 2025, but the development of multi-speed solutions is a key trend for the forecast period beyond. Need a Customized Version? Request It Now: Future Outlook: Emerging Trends Shaping the Next Generation of EV Transmissions Looking toward the horizon, the evolution of the Electric vehicle transmission market will be defined by software, standardization, and further innovation. Software is becoming as critical as hardware, exemplified by Valeo's Predict4Range software, highlighted in 2024, which can improve an EV's range by up to 24% by optimizing thermal management. Innovations in driver assistance, like the Valeo Aquablade™ system that improves reaction time by 315 milliseconds, also contribute to the holistic performance ecosystem. Beyond individual components, the industry is moving towards greater standardization and modularization of transmission systems, a trend highlighted for the forecast period beyond 2025. This, coupled with the continued push for multi-speed transmissions, will enable faster development cycles, cost reductions, and greater flexibility for automakers, ensuring that the pace of innovation in this critical market continues to accelerate. Global Electric Vehicle Transmission Market Major Players: Aisin Seiki Co., Ltd. Allison Transmission Inc. AVL List GmbH BorgWarner Inc. Continental AG Dana Limited Denso Corporation EATON Corporation GKN Plc Hewland Engineering Ltd. Hitachi Automotive Systems Ltd JATCO Ltd. Magna International Mando Corporation Porsche AG Robert Bosch GmbH Schaeffler Technologies AG & Co. KG Xtrac Ltd ZF Friedrichshafen AG Other Prominent Players Key Market Segmentation: By Transmission Type Single Speed Multi Speed 2 Speed EV Transmission 3 Speed EV Transmission 4 Speed EV Transmission By Transmission System AMT Transmissions AT Transmission CVT Transmissions DCT/DHT Transmissions By Vehicle Type (Power) Battery EV Plug-In EV Hybrid EV By Vehicle Type (Design/Model) Cars Buses Trucks Other By Distribution Channel Online Offline OEMs Aftermarket By Region North America Europe Asia Pacific Middle East & Africa (MEA) South America Need a Detailed Walkthrough of the Report? Request a Live Session: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. 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