Phase 1: Lofts at White Furniture

    Project Highlights:
  • Project Costs: $26 Million (approx.)
  • Qualified Rehab. Exp.: $22 Million (approx.)
  • 157 market-rate apartments
  • Status: Construction commenced in December 2014

The Lofts at White Furniture represents the first phase of the three-phase White Furniture development. The Lofts consists of 157 market-rate apartments and amenities such as a swimming pool, club room, exercise facility, business center, and on-site storage. Construction completion is anticipated for December 2015 with tenant move-in scheduled for February 2016.

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    Financing
  • Public-private partnership: The City of Mebane is making infrastructure improvements that will cost at least $525,000, and the City reduced the project’s impact and connection fees by 50% for a savings of approximately $180,000. Also, the City and Alamance County granted landmark status to the project, which will reduce ad valorem property taxes by 50%
  • HUD-insured 221(d)(4) construction and permanent loan
  • Federal Historic Tax Credits
  • State of North Carolina Mill Credits
  • Tax Credit Bridge Loan

Phase 2: White Furniture Commercial Center

    Project Highlights:
  • Project Costs: $5 Million to $6 Million
  • 80,000 square feet of commercial space
  • Status: Construction commencement anticipated for 2nd Quarter 2016

The White Furniture Commercial Center will be located in the former White Furniture warehouse building. The warehouse building is considered a non-contributing structure to the White Furniture historic district. Preliminary programming work has commenced on the project with the objective of completing design work by early 2016, with construction to commence shortly thereafter.

Phase 3: White Furniture townhomes

Phase 3 anticipates the development of approximately 36 townhomes on 2 acres of surplus land contiguous with the phase 1 and phase 2 land. Construction commencement is anticipated for 2016.