Barings announces $17.4 million in financing from Varick on February 7th
“Our funding commitment to this project underscores Barings’ belief that mixed-income multifamily housing is essential to helping communities thrive holistically,” said Daron Tubian, Head of Affordable Housing Investments and Managing Director at Barings. “The work carried out through the partnership of Laurel Street and Little Rock CDC will ultimately create much-needed additional housing units in a market that can truly benefit from sustainable, affordable housing.”
When completed the development will be a 5 storey building with a mix of 1, 2 and 3 bedroom apartments for affordable and standard market residents. It will include a lounge, coffee shop, fitness and business centers, outdoor communal living space, bicycle storage and an innovative shared park area with Little Rock AME Zion Church to reduce the overall footprint of the development.
“Varick on 7th is an important project for many reasons. Not only will it provide much-needed, transit-focused, affordable housing in Uptown Charlotte, it is the first project to receive investment capital from a total of two LISC-managed funds 21 million dollars — the Charlotte Housing Opportunity Investment Fund and the Black Economic Development Fund,” said Ralphine Caldwell, Executive Director of LISC Charlotte. “Joining Barings, this collective of mission-driven capital demonstrates the power we can have as we work together to build more inclusive communities of opportunity.”
“laurel road and Little Rock CDC would not have been able to develop Varick on 7th as a truly inclusive and sustainable home without innovative funding partners in Barings, LISC and the US City of Charlotte,” called Dionne Nelson, President and CEO of Laurel Street. “Upon completion, Varick on 7th will be one of the most inclusive and diverse communities in uptown Charlotte, with access to employment, transit, recreation and other amenities.”
“Little Rock CDC is excited about the partnership laurel roadBarings, LISC and the City of Charlotte to bring an inclusive community to the First Ward for people of all ages and incomes,” said Rev. Dr. Dwayne A Walker, Senior Pastor of Little Rock AME Zion Church and Chairman and Founder of Little Rock CDC. “This new church is the culmination of a long-term dream to combine the resources of Little Rock AME Zion Church with land owned by the church City of Charlotte to further the mission of both CDC and the Church to serve the families and individuals of First Ward and surrounding communities.
“Many households spend the bulk of their annual income on housing and transportation, leaving little income for other essential living expenses,” he said Shawn HeathAssistant to the City Manager and Interim Director of Housing and Neighborhood Services at the City of Charlotte. “The Varick on the 7thth The development will connect these families to transportation, employment and other retail outlets, allowing people of all income levels to live, work and play in the same neighborhood.
“Financing solutions for mixed-income housing developments can be challenging, but through the innovation and dedication of Barings, LISC Charlotte, the City of Charlotte, laurel road and Little Rock CDC we were able to complete the financing structure of this outstanding project,” said Barings’ Tubian.
In line with Barings’ commitment to sustainability, on April 7, Varickth features a quality and responsible design that focuses on reducing parking space and promoting transit, reusing a brownfield site and sustainable building practices through certification to the National Green Building Standard.
Barings is a $391 billion* global investment manager that uncovers differentiated opportunities and builds long-term portfolios across public and private fixed income, real estate and specialty equity markets. With investment professionals based in North America, Europe and Asia Pacific, the Company, a subsidiary of MassMutual, aims to serve its customers, communities and employees and is committed to sustainable practices and responsible investments. Learn more at www.barings.com.
* Assets under management as of December 31, 2021
Cheryl KraussBarings, 980-417-5858, [email protected]