Greystone Housing Impact Investors LP, Citi Community Capital Back Nearly $93M Chapanoke Affordable Housing Development in Raleigh

A development partnership of Harmony Housing Affordable Development, Gilbane, and F7 International Development has closed on Chapanoke, a nearly $93 million affordable housing development that will deliver 200 apartment homes at 326 Chapanoke Road in Raleigh, North Carolina. The three firms are operating jointly as Raleigh Community Partners LLC.

Financing for the project was structured through a combination of public and private capital. Greystone Real Estate Capital provided Low-Income Housing Tax Credit equity, while Greystone Housing Impact Investors LP and Citi Community Capital supplied construction and permanent financing. Subordinate public loans from Wake County and the City of Raleigh round out the capital stack.

Project Details and Income Targeting

Chapanoke will serve households earning between 30% and 70% of Area Median Income and will include a mix of one-, two-, and three-bedroom apartment homes. The development is designed to address Raleigh's affordable housing shortage while supporting neighborhood stability across Wake County.

Construction is slated for completion by early 2028.

Transit-Oriented Location and Public Partnerships

The site sits adjacent to Wake Technical Community College's Public Safety Education Campus and near the planned Southern Wake Bus Rapid Transit corridor, positioning the development within reach of education, workforce training, employment, and future public transportation infrastructure.

The project is the product of years of collaboration among Raleigh Community Partners, Wake County, the City of Raleigh, Wake Technical Community College, and the project's financing partners.

"Chapanoke demonstrates what is possible when public agencies, local governments, and private partners work together with a shared commitment to expanding housing opportunity," said Tanya Eastwood, President and CEO of Harmony Housing Affordable Development. "At HHAD, we believe every family deserves access to safe, quality housing connected to opportunity. This development embodies that belief by bringing together housing, education, transit, and public investment in a way that will benefit Wake County for decades."

Developer Perspectives

"Chapanoke reflects the power of partnership in addressing one of the most pressing challenges facing growing communities today," said Yarojin Robinson, Senior Vice President of Affordable and Mixed-Income Housing at Harmony Housing Affordable Development. "Through close collaboration with Wake County, the City of Raleigh, Harmony Housing Affordable Development, F7 International Development, and our financing partners, we are committed to creating a community that expands access to high-quality affordable housing while connecting residents to education, employment, and future transit opportunities. We are proud to help deliver a development that will provide lasting value for residents and support Wake County's long-term vision for inclusive growth."

"Chapanoke represents the kind of development that changes lives, not just skylines," said James (Monte) Montague, President of F7 International Development. "As a Raleigh-based developer, we understand that affordable housing is about far more than constructing buildings — it is about creating opportunity, strengthening neighborhoods, and ensuring that the people who work in our community can also afford to live here. We are honored to partner with Harmony Housing Affordable Development, Gilbane Development, Wake County, the City of Raleigh, and our financing partners to bring this vision to life."

Financing Structure and Market Context

The nearly $93 million total development cost reflects the capital-intensive nature of affordable housing delivery at scale, where layered public-private financing structures — combining LIHTC equity, institutional debt, and government soft loans — are typically required to make projects financially feasible at restricted rent levels.

The involvement of Greystone Housing Impact Investors LP, Greystone Real Estate Capital, and Citi Community Capital alongside subordinate public loans from Wake County and the City of Raleigh illustrates the multi-source capital approach common to affordable housing transactions of this scale. The project's proximity to the planned Southern Wake Bus Rapid Transit corridor and Wake Technical Community College's Public Safety Education Campus supports the transit-oriented development rationale that public and private partners have used to advance the project.

Chapanoke is expected to reach completion in early 2028.