CHARLOTTE, N.C. — The Annex Group has broken ground on Central at Old Concord, a 200-unit affordable housing community in Charlotte. The building on the 3.5-acre site will include one-, two- and three-bedroom apartments reserved for renters earning up to 70 percent of area median income. The project is cost is approximately $57 million. Completion is slated for summer 2027. Partners on the project include Cline Design, McAdams, Shelter Investment Group, ECS Southeast LLP, August Mack Environmental, Capital Consultants, Drucker and Falk, DELCK Group LLC and Impact Housing Indiana Corp.
Financing for the project was secured through several contributors: Bank of America, serving as both the construction lender (providing approximately $39 million) and federal equity provider (approximately $23 million); Stifel Public Finance, which underwrote $28.4 million in bonds issued by INLIVIAN; and the North Carolina Housing Finance Agency, which provided 4 percent tax credits and tax-exempt bonds. Additional permanent financing of more than $22 million was also provided. Finally, the City of Charlotte’s support includes more than $4 million.
This is The Annex Group’s second community in North Carolina. Union at Tryon, another affordable housing community, in Charlotte, is currently under construction.