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Associated Press
2 days ago
- Business
- Associated Press
WNC & Associates, Winterwood Development, LLC, and Lumina Partners, LLC Begin Construction on Affordable Housing Community in Charlotte, N.C.
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: 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: 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: MEDIA CONTACT: IDEA HALL Andy Vernier [email protected] A photo accompanying this announcement is available at
Yahoo
13-05-2025
- Business
- Yahoo
WNC & Associates and Codman Square Neighborhood Development Corporation to Construct Talbot Commons II Affordable Housing Community in Boston
$32 Million Development to Add 42 Affordable Units in Dorchester, Mass. Talbot Commons II Rendering DORCHESTER, Mass., May 13, 2025 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and Codman Square Neighborhood Development Corporation (CSNDC), a Dorchester-based grassroots community organization committed to developing affordable housing and fighting for racial and economic justice by building community power, have closed a deal to begin construction on Talbot Commons II, a $32 million new affordable housing community in Dorchester, Massachusetts. Talbot Commons II will be the second phase of the larger Talbot Commons project, which broke ground in 2020. Talbot Commons I, located on Norfolk Avenue, comprises 40 LIHTC units and is currently 100% occupied, with a 400-household waitlist. 'Boston is one of the most expensive housing markets in the country and there is a dire need for more affordable units,' said Anil Advani, Executive Vice President, Originations and Finance at WNC. 'We are proud to be a part of this project, which will help to provide more affordable housing options for both low-income and workforce families in the greater Boston area.' The new transit-oriented development will be comprised of two sites, located at 151 Spencer Street and 21 New England Avenue in the Codman Square neighborhood of Dorchester. The two four-story buildings will provide 42 units of affordable housing targeting families at 30%, 50%, 60% and 80% of the area median income (AMI). Eight units will receive project-based Section 8 vouchers, and another eight units will be a part of the Massachusetts Rental Voucher program. Additionally, nine units will be set aside for households formerly experiencing homelessness. The Spencer Street site will include five one-bedroom, 10 two-bedroom and four three-bedroom units. The New England Avenue site will provide six one-bedroom, 12 two-bedroom and five three-bedroom units. Talbot Commons II's in-unit amenities will include a refrigerator, range, dishwasher, vinyl flooring, garbage disposal, and window blinds. All appliances will be high efficiency and ENERGY STAR certified. Design and finish choices throughout the property were made to meet the City of Boston's Zero Energy Building guidelines, Passive House certification, Green Enterprise Communities certification and LEED Silver certification standards. The units' kitchen cabinets are formaldehyde‐free, and all interior finishes will be durable, high-quality, and prioritize the use of sustainable materials. Additionally, both buildings will have rooftop solar panels, providing shade for the properties and reducing their carbon footprint. Common area amenities will include laundry facilities, a picnic area, an elevator, activity room, community garden, controlled access, and bicycle parking. Talbot Commons II residents will be able to access several on-site wraparound services provided by CSNDC free of charge. Services will be focused on case management, digital literacy and employment support, as well as financial coaching and housing education. 'We believe that affordable housing should be a foundation for stability, personal growth, and community connection,' said Kiele Mauricio, Real Estate Project Manager at CSNDC. 'As such, with each of our projects, our goal is to create a community where residents feel safe, secure, proud, and can exercise independent action in governing their lives and making their residence a true home.' The project will break ground immediately and construction is expected to be completed in Summer WNC & AssociatesFounded 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: MEDIA CONTACT:IDEA HALLMeghan Webbmeghan@ A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
