A new affordable apartment community has recently opened its doors to residents in Greensboro. The Lofts at Elmsley Crossing, consisting of 84 units, was developed through a partnership between Trinity Housing Development, Central Developers, and Halcon Companies. Funding for the project came from various sources including Merchants Capital (investor and lender), the City of Greensboro, and the NC Housing Finance Agency. With a total cost of just under $20 million dollars, this community is now available for those seeking affordable housing options.
The development received an allocation of $2.52 million in HOME funds from the City of Greensboro and approximately $3.31 million in loans from the NC Housing Finance Agency. Additionally, close to $3.56 million was secured through conventional financing with Merchants Capital providing both equity ($9.41 million) through housing tax credits as well as a construction loan provided by Merchants Bank.
Conveniently located at 420 Kallamdale Road in Greensboro,
the Lofts at Elmsley Crossing offers modern living spaces that are within reach for those on a budget.
