Wakefield Commons Apartments (Raleigh, NC)

Thomas F. Taft, Sr., Stuart H. LeGrand and Southeast Apartment Group, LLC were the project sponsors behind Wakefield Commons Apartments, a new 80-unit multifamily development located in Raleigh, NC. This property provides a mix of two- and three-bedroom units to residents earning no more than 60% of the area median income.  Subordinate financing through the NCHFA and the City of Raleigh allowed the sponsors to target rents for some units to residents earning as low as 30% of AMI. Centrant’s $2,572,327 permanent mortage to Wakefield Commons, LLC was structured as an 18-year term with a 30-year amortization, at a fixed rate of 5.75%