The Lofts at White Furniture represents the first phase of the three-phase White Furniture development. The Lofts consists of 156 market-rate apartments and amenities such as a swimming pool, club room, exercise facility, business center, and on-site storage. The project was placed in service in December 2015.
Phase 1: Lofts at White Furniture
- Project Highlights:
- Project Costs: $30.0 million
- Qualified Rehab. Exp.: $22.9 Million
- 156 market-rate apartments
- Status: Completed in December 2015
- Public-private partnership: The City of Mebane made infrastructure improvements that cost approximately $700,000, 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