NORFOLK, VA (January 2018) – S. L. Nusbaum Realty Co. is pleased to announce the development of Sterling Mill Lofts, a 96 unit apartment community located in Franklinton, North Carolina, a historic community in the Raleigh-Durham Metro area. Tom Johnson and Richard Counselman led the Development Team on this venture.
An adaptive reuse of a historic cotton mill, this project represents the first of its kind for the Norfolk-based firm. “We are very excited to be able to be a part of the rapid growth of the Raleigh-Durham area and offer this contemporary affordable housing option to the community,” said Counselman.
Once completed, the community will consists of one, two and three bedroom floor plans and feature state-of the-art amenities, including a fitness center, club room, sport court, business center and dog park.
A collaborative effort between S.L. Nusbaum Realty Co., the Town of Franklinton, Bank of America and Freddy Mac, the project was financed with a combination of Federal Historic Tax Credits, North Carolina Mill Credits and 4% Low Income Housing Tax Credits.
Bank of America provided the Construction Debt and Tax Credit Equity and Prudential provided a FREDDIE MAC-TEL Permanent Loan. The total investment in this development is approximately $17 million.
The General Contractor is Rehab Builders, Inc., based in Winston-Salem, NC and the architect is Redclay, PLLC of Charlotte, NC. Sterling Mill is currently under construction and expected to be completed in 2019.
S.L. Nusbaum Realty Co. currently manages approximately 23,000 apartment units and has developed more than 50 communities throughout the Mid-Atlantic.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.