Centrant Community Capital has closed a $1.03 million permanent mortgage to complete the financing requirements for Phase III of Givens Gerber Park, located in Asheville, NC. This new, 60-unit property provides 45 one-bedroom units and 15 two-bedroom units to seniors earning between 30-60% of the area median income.
Givens Gerber Park was developed by The Givens Estates, in partnership with Opportunities South LLC. The project received a 2015 allocation of federal low income housing tax credits from the North Carolina Housing Finance Agency (NCHFA). Red Stone Equity Partners, LLC, as the tax credit investor, provided $5.2 million in equity toward total development costs. The NCHFA provided an additional $800,000 in loan proceeds through its Rental Production Program (RPP). Construction financing was provided by First Bank.
The Givens Estates is a not-for-profit ecumenical Christian organization recognized for its dedication to providing an active lifestyle choice for seniors while maintaining their independence, health and spiritual well-being. Like Phase III, Givens Gerber Park Phase I is an affordable senior property financed in part through the LIHTC program; Phase II of the development offers market-rate units to seniors. Residents at Givens Gerber Park enjoy views of the surrounding Blue Ridge Mountains, and a pedestrian mall which joins all three phases. Accessible sidewalks connect to the adjoining Gerber Village shops, as well as the adjoining Publix Grocery and shopping plaza.
Since 1990, Centrant Community Capital has provided over $400 million in loans and funding commitments to support the creation or preservation of more than 22,000 affordable apartment units across the Southeast. Funding for Centrant’s permanent mortgage loans is provided by a network of 96 member banks.