CHARLOTTE, N.C. – April 19, 2023 – Regions Bank on Wednesday announced the company’s Affordable Housing division is providing financing to CSE Communities, an affiliate of Crosland Southeast, for the development of a 132-unit multifamily apartment complex that will help meet urgent needs for more affordable housing in Charlotte.
Evoke Living at Morris Field will provide brand-new, garden-style apartments near Interstate 85, an area experiencing long-term economic growth and job creation. The development will be within five miles of Center City, the Charlotte Douglas International Airport and Interstate 85.
A key priority for Evoke Living is combining cost-effective rental options with sought-after features that retain their value, such as granite countertops, stainless-steel appliances, balconies, patios, and other amenities. Rents for all units will be kept affordable through income averaging with an average area median income (AMI) under 60% at all times. The development will be comprised of units between 30% to 70% AMI.
Regions Affordable Housing is providing $15.9 million in federal Low-Income Housing Tax Credit equity to support the development, as well as an additional $11.8 million via an equity bridge loan to further finance construction. The Regions Real Estate Capital Markets team also facilitated a $15 million Housing and Urban Development loan for the development. In addition, Regions Corporate Trust will serve as the bond trustee.
“This is a powerful example of how the banking industry can make a real and meaningful difference.”
Phillip Mullins, Affordable Housing relationship manager for Regions Bank
“For many years, Charlotte has been a leader in terms of economic growth and vitality. At the same time, we have an opportunity to help ensure the area’s prosperity is more inclusive and reaches more people,” said Phillip Mullins, Affordable Housing relationship manager for Regions Bank. “This is a powerful example of how the banking industry can make a real and meaningful difference. Through customized financial solutions, we are working with developers that are committed to providing more affordable options for people in Charlotte and beyond. We are proud to work with CSE Communities in helping this incredible new community take shape.”
CSE Communities Partner Paul Baalman said Evoke Living at Morris Field is a great example of public and private sectors working together to meet an important community need.
“The lack of safe, high-quality affordable housing is a challenge every city in the U.S. faces,” Baalman said. “Evoke Living at Morris Field is a great example of how marketplace leaders like Regions Bank and Crosland Southeast can collaborate with the public sector to help fill this urgent need in our communities. We are truly honored to play a part in this vital work.”
Thad Walton, Charlotte market executive for Regions Bank, said the variety of financial solutions Regions brought to the table reflects how the company takes a holistic and consultative approach toward meeting clients’ needs.
“Through collaboration and teamwork, Regions and its teams are delivering not just one solution, but four solutions, to help make Evoke Living at Morris Field a reality”
Thad Walton, Charlotte market executive for Regions Bank
“Through collaboration and teamwork, Regions and its teams are delivering not just one solution, but four solutions, to help make Evoke Living at Morris Field a reality,” Walton said. “That’s a clear example of what we call ‘Regions360.’ The mindset behind Regions360 is that, while we all have our specialties within the bank, we can also come together as a united group to deliver even more for our clients. Our teams in Charlotte and beyond carry great pride in seeing developments like this come together, and we appreciate CSE for leading the way in creating another affordable option for Charlotte residents.”
Regions Affordable Housing LLC is a national Low-Income Housing Tax Credit investor, syndication firm, and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS Multifamily Affordable Lender, HUD/FHA Affordable Lender, and Freddie Mac Targeted Affordable Housing lender.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $155 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.