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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.
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