The LISC managed Charlotte Housing Opportunity Investment Fund (CHOIF) and the Black Economic Development Fund (BEDF) are proud to be partners in the Varick on 7th Apartments, a 105-unit Class-A Affordable Multifamily Development in Charlotte developed by Laurel Street and the Little Rock Community Development Corp.
CHARLOTTE, N.C., Feb. 28, 2022 /PRNewswire/ -- Barings, one of the world's leading investment managers, announced today that it will provide $17.4M in permanent financing for Varick on 7th, a mixed-income multifamily housing development in Charlotte, North Carolina. The 1.3-acre development, situated in the First Ward neighborhood, will provide 105 housing units to affordable and market rate tenants.
"Our financing commitment to this project underscores Barings' view that mixed-income multifamily developments are essential to helping communities thrive holistically," said Daron Tubian, Head of Affordable Housing Investments and Managing Director at Barings. "The work that's being carried out through the partnership of Laurel Street and Little Rock CDC will ultimately produce much-needed additional housing units in a market that can really benefit from sustainable affordable housing."
Upon completion, the development will be a 5-story building with a mix of 1, 2 and 3 bedroom apartments for affordable and market rate residents. It will include a lounge, café, fitness and business centers, community outdoor living space, bike storage space and an innovative, shared parking arrangement with Little Rock AME Zion Church in order to reduce the overall footprint of the development.
"Varick on 7th is an important project for many reasons. Not only will it provide much needed transit-oriented affordable housing in Uptown Charlotte, it marks the first project receiving investment capital from two LISC managed funds totaling $21 million -- the Charlotte Housing Opportunity Investment Fund and the Black Economic Development Fund," said Ralphine Caldwell, Executive Director of LISC Charlotte. "Alongside Barings, this collective of mission-oriented capital demonstrates the power we can have when working together to build more inclusive communities of opportunity."
Dionne Nelson
President and CEO of Laurel Street
Excerpts from the "Partners break ground on mixed-income residential development uptown" in The Charlotte business Journal dated April 21, 2022
The site is at the corner of East Seventh and North Alexander streets, adjacent to the Little Rock Cultural Center and just a few blocks from a Lynx Blue Line light-rail station.
“People of all incomes desire to live near their work and other amenities that the city offers,” said Pamela Wideman, the city of Charlotte’s housing and neighborhood services director, in a press release distributed yesterday. “This location will provide a unique and necessary opportunity by connecting people to transportation, employment, and other retail.”
The five-story, U-shaped community will feature a courtyard for outdoor amenities such as a game lawn, water feature, fire pit and grills. Indoor amenities will include a fitness room, lounge, café and business center.
Its name is a nod to James Varick, the founder and first bishop of the AME Zion Church and a crusader for ending slavery and securing equal rights for Black Americans.
The Little Rock AME Zion Church, which created the Little Rock CDC to support disenfranchised residents in uptown's First Ward and surrounding neighborhoods, is contributing land for the development and sharing its parking.
“Truly inclusive and sustainable housing in a desirable location like uptown requires innovative partners,” said Dionne Nelson, president and CEO of Laurel Street.
For more information on the Charlotte Housing Opportunity Investment Fund, please visit https://www.liscstrategicinvestments.org/choif