CHARLOTTE, NC – The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced it has broken ground on Platform Lofts, one of the first affordable multifamily housing communities located on Charlotte’s new light-rail extension on the Blue Line.

The community will be The NRP Group’s third in the Charlotte area, after Loft 135, an upscale, market-rate apartment community on the south end of Charlotte, completed in 2016 and The Parkwood, which started construction in 2017 and is set to end this fall. 

“The City of Charlotte is committed to partnering with developers like NRP to provide affordable housing for our citizens,” said Pamela J. Wideman, Director of housing and neighborhoods for the City of Charlotte. “The ability to have quality affordable housing in close proximity to the Blue Line extension and other transit options is a prime example of how lower income families can have access to affordable housing in areas that provide upward economic mobility opportunities. NRP’s Platform Lofts development provides such an opportunity. The City of Charlotte is proud to be partnering with NRP in this exciting new development.”

The 198-unit property will include a separate clubhouse and six residential buildings, consisting of a mix of two-, three- and four-bedroom apartment homes. Resident amenities will include, a multipurpose community room, gym, computer room, laundry room, medical exam room, screened porch, children’s indoor play area, and two covered picnic areas with grills, and playground.

Public access streets will run through the site, which will also have direct pedestrian access to the Cross Charlotte Trail. Platform Lofts is located across the street from Ancient Concord Station, part of the LYNX Blue Line Light Rail extension, and less than a mile from the Eastway Rec Center, a $40 million community center scheduled for delivery in 2020.

All of the apartment homes at Platform Lofts will be reserved for people making 60% or less than the median income in Meck County, about $44,460 a year for a family of four. 

“We’ve been acutely aware that the city of Charlotte has a fantastic need for affordable housing at a mix of income levels, so we are thrilled at the prospect of participating in the opportunity to supply this type of housing,” said Aaron Pechota, Senior Vice President at The NRP Group. “The effort to bring affordable housing to this site, at this long-awaited transit line, was years in the making and should bear fruit soon.”

Bank of America Merrill Lynch provided more than $25 million in loans and a direct LIHTC equity investment of $13.2 million. It was the 29th transaction the bank completed with NRP Group over the past 10+ years.

“This development is an example of the work we’re leading to support Charlotte’s housing needs,” said Charles Bowman, Bank of America market president for Charlotte, North Carolina. “Our commitment to support affordable housing is part of how we drive economic mobility and help make safe and stable communities for residents of Charlotte.”

The City of Charlotte’s Housing Trust Fund is providing $5.1M in gap financing. The NRP Group also partnered with Community Housing Resource (CHR), a nonprofit dedicated to developing quality, affordable housing where built-in social services empower low-income residents to grow and prosper.  

Completion of Platform Lofts is scheduled for 2020.

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SACRAMENTO, CA – Meridian Senior Living announced the addition of three senior living communities totaling 307 beds in the Northern California area to its portfolio on May 1, 2019. This Northern California Senior Housing Portfolio was bought by Griffin-American Healthcare REIT IV co-sponsored by American Healthcare Investors and Griffin Capital Company, LLC, on June 28, 2017. In partnership with American Healthcare Investors, LLC, Meridian is managing and operating the portfolio on a day-to-day basis. The three facilities from the portfolio include: Meadow Gardens of Menlo Park, Legacy Oaks of Sacramento, and Parkrose Gardens of Fairfield.

“We are delighted to expand our operations into Northern California,” says Kacy Kang, President and Chief Operations Officer. “Equally exciting is our continued collaboration and advancement with American Healthcare Investors, one of the largest private healthcare real estate investment management firms in the world.” 

“We are keen and excited to enrich the lives of our new community team members and residents by virtue of our WOW! culture,” says Glen Cummins, Regional Director of Operations. At our core we believe: ‘Everyone deserves a fantastic life.’”

Nestled in a quaint residential neighborhood steps away from Downtown Menlo Park, Meadow Gardens of Menlo Park, is a one-tale, 45-bed community offering memory care services. Located at 800 Roble Road, Menlo Park, CA 94025, Meadow Gardens of Menlo Park has a boutique spa atmosphere generated by an ivy draped entryway and attentive staff members. The building is appointed with a large community room along with two secured generous outdoor patios where residents can delight in special interest and wellness programs plotted to keep seniors active and involved, both physically and socially. 

In a home-like setting boasting two gorgeous interior courtyards, Legacy Oaks of Sacramento is a 160-bed facility offering both helped living and memory care units located at 1922 Morse Avenue, Sacramento, CA 95825. It is a single-tale community consisting of shared studios, large studios, and one-bedroom apartments appointed with private bathrooms, showers, and kitchenettes. Legacy Oaks of Sacramento emphasizes activities and social programs including crafts, music entertainment, exercise classes, educational and inter-generational programs, holiday celebrations, social hours and non-denominational services. Amenities include spacious suites, personal call system, library and game rooms, media room, beauty salon, enclosed courtyards, and private dining room for family birthdays/celebrations.

The largest memory care facility in Solano County, Parkrose Gardens of Fairfield is a 102-bed, two tale community located at 1095 E. Tabor Avenue, Fairfield, CA 94533. Parkrose Gardens of Fairfield has a gorgeous country club-like setting with three lush gardens and large outdoor spaces for residents to delight in. The community offers both private and semi-private units in a 24-hour care environment. Amenities include: dining rooms, beauty salon, outdoor spaces, indoor common areas, 24-hour awake staff, and activity and social programs.

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TOLEDO, OH – FOURMIDABLE, a diversified, national real estate management and brokerage company that specializes in managing public housing, tax credit, market rate, affordable, senior and condominium communities, announced their expansion into the Toledo market.

FOURMIDABLE was awarded the management contracts for Collingwood Green Phases I, II and III in Toledo, Ohio. Collingwood Green Phase I is a senior community consisting of 65 one and two bedroom apartments of which 33 units will be public housing. Collingwood Green Phase II is a 68-unit family community consisting of two and three bedroom townhomes, of which 34 units will be public housing. The newly constructed housing developments are mixed-finance and mixed-income communities, which are being developed using Capital Funds received by the Lucas Metropolitan Housing Authority. 

Phase III, a 55-unit townhouse family development that is a continuation of Phase II, started construction in November 2018 and is expected to be completed in December 2019. 

“FOURMIDABLE is proud to have been selected as the Management Agent for Collingwood Green. We are especially excited to be working with the Lucas Metropolitan Housing Commission to fulfill our mutual goal of providing quality housing to the residents of Collingwood Green,” said Michael Schocker, President of FOURMIDABLE. 

FOURMIDABLE was also awarded the management contract for Ashland Manor in Toledo, Ohio, a Section 8 community consisting of 189 units. Ashland Manor offers many amenities to their residents, including an on-site Service Coordinator, security service and ample common areas and amenities. The new owner plans to enhance the community’s curb-appeal through landscape improvements and will also concentrate on hallway improvements and enhancements.  

Ashland Manor was bought by Lucas Urban Holdings, LLC, a new client of FOURMIDABLE. “We could not be more pleased to add the Ashland Manor property to our portfolio, along with our newest partner in Lucas Urban Holdings,” added Mr. Schocker.   

FOURMIDABLE currently manages nine apartment communities in Ohio consisting of over 960 units.

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