S.L. Nusbaum Realty Co., a Norfolk, VA-based developer, broke ground on the 96-unit Sterling Mill Lofts in Franklinton, NC.
The total investment into the project is about $17 million, which was financed by a collaborative effort between the developer, the Town of Franklinton, Bank of America and Freddie Mac. Bank of America provided the construction debt and tax credit equity and Prudential provided a Freddie Mac-TEL permanent loan.
An adaptive reuse of a historic cotton mill, the 200,000-square-foot apartment complex is located at 106 E. Green Street. The community will feature a mix of one-, two- and three-bedroom floor plans and offer amenities such as a business center, club room, fitness center and dog park.
Franklinton is a historic community in the Raleigh/Durham market, located approximately 26 miles north of Raleigh and 30 miles east of Durham.
Rehab Builders, Inc. of Winston-Salem, NC is the general contractor for the project and the architect is Redclay PLLC of Charlotte, NC. Sterling Mill Lofts is expected to deliver in the beginning of 2019.