{"id":1004090370,"date":"2014-01-24T12:58:22","date_gmt":"2014-01-24T20:58:22","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=234271"},"modified":"2020-04-08T07:34:30","modified_gmt":"2020-04-08T15:34:30","slug":"70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\/","title":{"rendered":"70-Unit Affordable Housing for South Charlotte; NorthMarq Arranges Financing for Metrolina Apartments"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Woodlands-Apartments-Charlotte.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004090562\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\/woodlands-apartments-charlotte\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Woodlands-Apartments-Charlotte.jpg\" data-orig-size=\"250,187\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Woodlands Apartments &#8211; Charlotte\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Woodlands-Apartments-Charlotte.jpg?w=250\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Woodlands-Apartments-Charlotte.jpg\" alt=\"Woodlands Apartments - Charlotte\" width=\"250\" height=\"187\" class=\"alignright size-full wp-image-1004090562\" \/><\/a><\/p>\n<p>Affordable housing could be on its way to South Charlotte, as Charlotte City Council has approved a rezoning request for a 7.23-acre site on Weddington Road, clearing the way for the Charlotte-Mecklenburg Housing Partnership (CMHP) to develop an up to 70-unit subsidized apartment complex, reports the <a href=\"https:\/\/www.bizjournals.com\/charlotte\/blog\/going_green\/2014\/01\/neighbors-consider-legal-action-to-stop-weddington.html?page=all\" target=\"_blank\" rel=\"nofollow\"><em>Charlotte business Journal<\/em><\/a>.<\/p>\n<p>The affordable housing development will consist of 70 two- and three-bedroom apartments, 10 percent of which will be low-income housing, available for tenants earning a maximum of 30 percent of the area\u2019s median income level. The remaining 63 units will house tenants earning 60 percent or less of the area median income level, resulting in rents ranging between circa $450 and $965. According to previous <a href=\"https:\/\/www.bizjournals.com\/charlotte\/print-edition\/2013\/12\/20\/affordable-housing-battle-heats-up-again.html?page=all\" target=\"_blank\" rel=\"nofollow\"><em>Charlotte Business Journal <\/em><\/a>coverage, the two-or three-story building will rise around a courtyard and 54 percent of the site would be kept as green space. A 50-foot tree-line buffer will be implemented between the development and adjacent neighbors. CMHP is working on a preliminary tax credit application to fund the development.<\/p>\n<p>The project site, owned by NewDominion Bank and under contract to the CMHP, was previously zoned for a child-care facility for up to 425. The project faces strong neighborhood opposition due to its affordable nature.<\/p>\n<p>In other multifamily news, NorthMarq Capital\u2019s Charlotte regional office announced arranging a $2,128,000 acquisition financing structured with a seven-year term and 30-year amortization period, facilitated through a Fannie Mae DUS lender. The equity was used in the purchase of the 100-unit Woodlands Apartments located in Statesville, N.C. NorthMarq was recently involved in the refinancing of several Metro Charlotte apartments, including the $10 million refinancing of the 423-unit Ashbrook\u00a0Village Apartments in Gastonia, N.C., based on a 10-year term and 20-year amortization schedule through NorthMarq\u2019s seller\/servicer relationship with Freddie Mac. The same terms apply to the recent $10.66 million refinancing of the Sunset Village Apartments and Forestbrook Apartments, two Charlotte multifamily assets totaling 360 units.<\/p>\n<p><em>Image courtesy of Northmarq Capital<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Affordable housing could be on its way to South Charlotte, as Charlotte City Council has approved a rezoning request for a 7.23-acre site on Weddington Road, clearing the way for the Charlotte-Mecklenburg Housing Partnership (CMHP) to develop an up to 70-unit subsidized apartment complex.<\/p>\n","protected":false},"author":49,"featured_media":1004090562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[39417,1815],"class_list":["post-1004090370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-latest","tag-charlotte","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>70-Unit Affordable Housing for South Charlotte; NorthMarq Arranges Financing for Metrolina Apartments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"70-Unit Affordable Housing for South Charlotte; NorthMarq Arranges Financing for Metrolina Apartments\" \/>\n<meta property=\"og:description\" content=\"Affordable housing could be on its way to South Charlotte, as Charlotte City Council has approved a rezoning request for a 7.23-acre site on Weddington Road, clearing the way for the Charlotte-Mecklenburg Housing Partnership (CMHP) to develop an up to 70-unit subsidized apartment complex.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-24T20:58:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T15:34:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Woodlands-Apartments-Charlotte.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"187\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/70-unit-affordable-housing-for-south-charlotte-northmarq-arranges-financing-for-metrolina-apartments\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"70-Unit Affordable Housing for South Charlotte; 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