$17M
BEDF Subordinate Loan
$4.2M
CHOIF Subordinate Loan
$350M
Units Total Value
Project Overview
7th Street Apartments is a 105 unit affordable and market-rate multifamily project located in the historically Black residential area of Ward 1, a submarket of Charlotte, NC. The area has good access to transportation, employment, and health services. The property will be located with three blocks of the 7th Street light rail station, which services major employment nodes within the city, notably the University area to the north and South End and Pineville areas to the south.
Sponsor Overview
Laurel Street is a Charlotte-based, minority, and women-owned real estate development firm founded in 2011 by Dionne Nelson. Laurel Street develops high-quality, mixed-use communities throughout the East Coast for working families and seniors. Since its founding, Laurel Street has a development portfolio of approximately 3,600 units valued at more than $350MM. Dionne earned her master of business administration degree from Harvard University and graduated magna cum laude with a bachelor’s degree in economics from Spelman College.
Black Economic Development Fund (BEDF) & The Charlotte Opportunity Investment Fund (CHOIF)
The BEDF’s $17 million subordinate loan and the CHOIF's $4.2 million subordinate loan will be used to finance the gap in construction for the development of 7th Street Apartments. These loans represent the first co-investment between the BEDF and the CHOIF.
Impact Highlights
20 (19%) units at or below 30% AMI, 20 (19%) units between 30% AMI and 60% AMI, 13 (12.4%) at or below 80% AMI
Good access to transportation, employment, and health services
3 blocks from the 7th Street light rail station
Over 50% of Laurel Street Apartments staff and leadership identify as Black
*All information above as of March 2023.
Project Gallery
The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management, which is a wholly-owned subsidiary of LISC. LISC Fund Management is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at www.adviserinfo.sec.gov to see LISC Fund Management’s Form ADV, which contains important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with LISC Fund Management.