Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

Brenner Crossing Apartments (Civic Park II) – Salisbury, NC

Brenner Crossing Exterior
Image Source: Laurel Street

Wespath Investment Management, through its Positive Social Purpose Lending Program and in partnership with The Community Development Trust, purchased a participation in a loan providing financing for Brenner Crossing Apartments in Salisbury, NC. This involved the redevelopment of an existing public housing site (Civic Park Apartments) into a new 170-unit affordable housing development – the first phase containing 80 units and the second phase containing 90 units. All units at Brenner Crossing Apartments are restricted under the Low Income Housing Tax Credit program to households earning up to 60% of the area median income. Common area amenities include a clubhouse with a computer center and fitness room, gazebo, playground, and picnic area.

Transaction Summary:
 

Property Name: Brenner Crossing Apartments
Location: 715 Hall Street, Salisbury, NC 281443
Units: 90
Loan Amount: $3,168,000
Term: 18 Years
Purchase Date: January 31, 2018

 

For more information about The Community Development Trust: http://www.cdt.biz/

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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