4% New Construction

North Carolina
Property Type: New Construction

Transit-oriented, infill, rental community providing quality affordable homes to seniors and veterans.

Project at a Glance 

We are co-developing a new, senior housing community in a thriving neighborhood in Charlotte, North Carolina with Urban Trends Real Estate Inc. The property is located within walking distance to the local light rail and is in close proximity to other neighborhood amenities. Eastway Crossings is a great example of local, state, and federal partners working with private developers to create much needed affordable housing for the most vulnerable senior and veteran households.

The Mission

Fulfilling the mission to develop an affordable senior community while navigating the various challenges presented by the COVID-19 pandemic. Deliberate design and approach focused on providing space and resources to improve the quality of living for residents. 

The Partnership

We are co-developers that have been engaged on behalf of Harmony Housing, a national non-profit specializing in affordable and workforce housing. Eastway Crossings is Greystone’s first entry into the Charlotte market. The project is made possible with the support of local community groups, elected officials and the collaboration of our public partners: City of Charlotte, Mecklenburg County, Inlivian, and the W.G. Bill Hefner Department of Veteran Affairs Medical Center.

The People

Eastway Crossings will be home to senior residents aged 55 years and older with household incomes at or below 60% AMI. Forty of the units will serve veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The common areas are strategically designed to include space for a variety of services, including conference rooms, exercise spaces, and other health and wellness activities. On-site staff will coordinate activities with local service providers as well as shuttle services for all residents. Additionally, a new senior center will be built to support the residents.

Key Partners

  • LIHTC Allocating Agency: North Carolina Housing Finance Agency
  • Bond Issuer and VASH PBV Contract Administrator: Inlivian (formerly known as the Charlotte Housing Authority)
  • Construction Lender: Key Bank
  • Permanent Financing: Key Bank / Fannie Mae
  • Subordinate Lenders: City of Charlotte Housing Trust Fund (HTF) and Mecklenburg County
  • LIHTC Syndicator: Key Community Development Corporation
  • Architect: Tise-Kiester Architects
  • General Contractor: Weavercooke Construction, LLC

Finance Structure

  • LIHTC Equity: $12M
  • City of Charlotte Housing Trust Fund (HTF): $2M
  • Mecklenburg County: $1.5M
  • Fannie Mae MBS Tax-Exempt Bond Collateral (M.TEB): $13.4M

By the Numbers

1st New Construction Project in Charlotte Market
132 Total Units - Including 40 serving veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract
$28.9M Total Development Costs

“It’s been a pleasure partnering with the company on this vitally important affordable housing project. We know that the work we do is only a drop in the bucket in addressing the nation’s affordable housing crisis, but it will make a big impact here.”

CEO Affordable Housing Developer
Together, we can change lives.