National Equity Fund

Dwell at Greenridge

North Charleston, SC

Jobs Created: 76
Jobs Year One: 312

Dwell at Greenridge, first constructed in 1980, was acquired under the NEF Preservation loan program in 2021. This development was renovated prior to acquisition in 2020 with each of the 256 units undergoing $16,000 in upgrades. To make this development of 17 buildings affordable, 103 units are restricted at 60 percent of the Area Median Income (AMI), 90 units at 80 percent AMI, and the remaining 63 units are unrestricted. 

Located in North Charleston, SC, Dwell at Greenridge is close to two major roadways, and grocery stores, services, and schools are accessible within three miles of the community. The renovation includes installing stone countertops, replacing appliances, and installing new flooring. Dwell at Greenridge serves the community by providing a safe, stable, and affordable place to call home for nearly 200 households. 

Lincoln Avenue Capital LLC developed this property, and the five-year loan amount from NEF was nearly $44.5 million. 

Project Details:

Total Units:
Mix of Residences:
1 Bedroom (128),2 Bedroom (128)
Net Equity:
Lincoln Avenue Capital, LLC
Property Manager:
The Franklin Johnston Group

View More Preservation Developments

Miriam Apartments

Miriam Apartments

Chicago, IL

Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.  

In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage. 

Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity. 

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