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$93M Financing Secures 200-Unit Affordable Project in Raleigh
The Chapanoke development is scheduled to start site work, and it is slated for completion in 2028 with 1, 2, and 3-bedroom units plus 10,000 square feet of retail.
A public-private partnership has capitalized Chapanoke, a $93 million, 200-unit affordable housing project in Raleigh, according to ConnectCRE. The team includes Harmony Housing Affordable Development Inc. (HHAD), Gilbane Development, and F7 International Development, operating through Raleigh Community Partners.
Financing for the project includes Low-Income Housing Tax Credit equity from Greystone Real Estate Capital, private construction and permanent financing from Greystone Housing Impact Investors LP and Citi Community Capital, and subordinate public loans from Wake County and the City of Raleigh. Site work has recently kicked off, with the development expected to be completed in 2028.
Once finished, Chapanoke will offer one- to three-bedroom units reserved for residents earning at or below 30%, 50%, 60%, and 70% of the area median income. The plan also calls for 10,000 square feet of retail space.
The nearly 6-acre site at 326 Chapanoke Road formerly belonged to Wake Technical Community College, which donated it to the county in 2021. The location is also near the future Southern Wake Bus Rapid Transit corridor.