Ribbon-Cutting for The Lofts at Elmsley Crossing Apartment Community | Business

Greensboro, N.C., July 23, 2024—The Lofts at Elmsley Crossing Apartment Community, a brand-new affordable apartment home community is completed and open for residents. The community was created by a public-private partnership between development partners, Trinity Housing Development, LLC, Central Developers, LLC, and Halcon Companies, LLC with investor and lenders, Merchants Capital, the City of Greensboro, and the NC Housing Finance Agency. The partners are holding a Grand Opening and Ribbon Cutting Ceremony for the new community on July 29, 2024, at 12:00pm. 

The 84-unit apartment home community, which was three years in the making, was developed to be affordable for low-and-moderate-income families. The apartments are located at 420 Kallamdale Road, in Greensboro, 27406. The community features 84 units with a mix of one, two and three-bedroom unit, garden-style apartments. The one-bedroom units will rent for approximately $370-$805, the two-bedroom units will rent for approximately $443-$965, and the three-bedroom units will rent for approximately $514-$1,117, depending upon income. Five percent of the units are also fully handicapped accessible, with another five percent also being designed for mobility impairments. 

The community was built with an allocation of $2,520,000 of City of Greensboro HOME funds, , approximately $3,309,600 in loans from the North Carolina Housing Finance Agency, as well as close to $3,560,000 in conventional financing through Merchants Capital. Merchants Capital also provided $9,411,711 in equity in the purchase of housing tax credits. The construction loan for the development was provided by Merchants Bank as well. The total cost of the project was approximately $19,375,696. 

According to Traci Dusenbury Tate representing Halcon Companies, LLC, Development Coordinator, “The partnership was a win-win situation for everyone. It enabled us to provide high-quality workforce housing for families who need an affordable place to live. We were pleased to be part of such a wonderful public-private partnership with the City of Greensboro, the NCHFA and Merchants Capital.” Ryan Hamilton from Trinity Housing Development said “We are thankful for the opportunity to help support the growing need for affordable housing in the Greensboro community. The community of Greensboro has welcomed us with open arms and have been very supportive in our mission to support this housing community. “ 

The City of Greensboro has been experiencing a housing shortage and this development will provide a much-needed affordable apartment home community as the city continues to see growth. According to the Greensboro News & Record on January 25, 2024, The City of Greensboro launched a $21 million program to preserve and build affordable housing. At that time, the targeted $32.5 million loan program, for which $21 million had been raised, was aimed at for-profit and nonprofit developers of local, multifamily structures. Greensboro’s participation in this development shows that they are serious about providing affordable housing for their residents. 

Attendees for this celebration will include executives from Trinity Housing Development, LLC, Central Developers, LLC and Halcon Companies, LLC, the Mayor of Greensboro, members of Greensboro City Council, Greensboro city staff, the North Carolina Housing Finance Agency (NCHFA), and current residents of the development. Other attendees included representatives of the development team, the Architect, Ross Deckard Architects; the Engineer, Bowman Engineering; and the contractor, Wynnfield Construction. Additionally, local community groups, local human service agencies, the Housing Authority, the County, and other interested persons are welcome to attend. 

The apartment clubhouse features a multi-purpose room with a kitchen for resident events, a computer room with high-speed internet for residents to use, and a laundry room. The outdoor space features a covered picnic pavilion, seating areas and landscaped green space. 

The development team is also currently developing a 52-unit community with one and two-bedroom units for seniors aged 55 and older across the street from this community, which is planned to open in the Fall of 2025.