WNC & Associates, Winterwood Development, LLC, and Lumina Partners, LLC Begin Construction on Affordable Housing Community in Charlotte, N.C.

Associated Press

a day ago

CHARLOTTE, N.C., June 11, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, Winterwood Development, LLC, a family-owned business committed to developing high-quality housing, and Lumina Partners, LLC, a developer and investor in affordable housing throughout the Southeast, have begun construction on Sycamore Station II, a 168-unit affordable housing community in Charlotte's Oak Forest neighborhood.
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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