print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

S.L. Nusbaum Breaks Ground on Sterling Mill Lofts

Historic Adaptive Reuse Adding 96 Apartment Units in Franklinton
January 30, 2018
S.L. Nusbaum Realty Co. has started construction on the 96-unit Sterling Mill Lofts in Franklinton, NC.

The Norfolk, VA-based developer, in collaboration with the Town of Franklinton, Bank of America and Freddie Mac, is using a combination of Federal Historic Tax Credits, North Carolina Mill Credits and 4 percent Low Income Housing Tax Credits to finance the $17 million development. 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 St. 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.
GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News