CDT provided a $2.4 million permanent mortgage to finance the first phase of a two-phase redevelopment of a former public housing community in Salisbury, North Carolina. In 2012, the City of Salisbury and the Housing Authority were awarded a Choice Neighborhood Planning Grant for a master-planned redevelopment that when completed will create 170 units of mixed-income housing. Both phases are enhanced through participated in HUD’s Rental Assistance Demonstration program (RAD). This is one of CDT’s first investments in a RAD-supported property.
Civic Park Phase I consists of the first 80-units of the redevelopment. CDT funded the permanent financing in September 2016. In addition to CDT’s loan, the property received funding from the North Carolina Housing Finance Agency, the City of Salisbury, as well as tax credit equity from Redstone Equity Partners.
Civic Park I was developed by Laurel Street Residential, a Charlotte, NC-based developer of affordable housing. This was CDT’s second funded investment with Laurel Street. CDT also provided a $3.2 million forward commitment to originate the permanent mortgage for Civic Park II, the development’s next phase. That transaction is projected to close in 2017.