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Merchants Capital Provides $89 Million in Total Financing for Seven Property Affordable Housing Portfolio in North Carolina

Merchants Capital Provides $89 Million in Total Financing for Seven Property Affordable Housing Portfolio in North Carolina
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Petersburg East set for $28 million rehab project

The Progress-Index
PETERSBURG Hundreds of residents that live in Petersburg East might finally see a complete overhaul of the appliances, surfaces and fixtures in their units now that a new developer has recently purchased the properties.
Previous owners of the low-income, multifamily complex have been known for allowing structural conditions to deteriorate. Residents have gotten used to the overgrown grass, broken windows and interior spaces that have gone years without care or replacement.
Seattle-based developer Vitus is planning to invest $28 million in Petersburg East I and II, with around $60,000 in upgrades per unit.
Rehab plans submitted to the Petersburg Redevelopment and Housing Authority appear to cover every last inch of the 168-unit complex with new components and surfaces - kitchen surfaces, bathroom components, water heaters, split systems, flooring and paint. The exterior brick, siding and roofing will be cleaned or repaired. ....

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