Initiative Capital recently made a bridge loan to Laurel Street Residential that is enabling the affordable housing developer to cover predevelopment costs for 757 North, a mixed-income housing development located in downtown Winston Salem. The complex will provide 115 units of housing, 25% of which will be reserved for low-income individuals and families.
“Bottom line is, there’s not enough affordable housing in the downtown area,” says Michael Suggs, President of Goler CDC, Laurel Street’s primary partner on this project . “757 North will provide homes to people who don’t qualify for public housing or housing tax credits, but who can’t afford market rate rental prices.”
“The loan that we received from Initiative Capital gave us the last chunk that we needed to finance this development,” notes Dionne Nelson, CEO of Laurel Street Residential. “This is the first workforce housing development in downtown Winston-Salem. We believe that it can serve as a model for addressing the affordable housing challenge across the state.”
President and CEO of the Initiative, Tara Kenchen, adds, “This is a fantastic investment for the Initiative. Goler CDC and Laurel Street are addressing a critical need and we fully support and commend their mission.”
757 North will open in the spring of 2017.