Based in Charlotte, North Carolina, DreamKey Partners has a 33-year history of adapting to serve the changing needs of their community. After neighborhoods were demolished during the so-called “urban renewal” of the late 1960s, DreamKey provided the necessary revitalization work to successfully rebuild neighborhoods. The work continues today with its largest development – Brightwalk, a master-planned community providing affordable homes and economic development opportunities in north Charlotte.
DreamKey contacted NeighborWorks Capital for financing at various points throughout the development, and a partnership was formed. From financing for the initial planning to construction, NeighborWorks Capital has been able to support the important work of DreamKey.
In 2021, when DreamKey needed to acquire a parcel of land to build affordable apartments at Brightwalk, NeighborWorks Capital provided a $431,000 acquisition loan for the 26-acre site. Samuel Street Apartments is the final affordable community to be built at Brightwalk, with construction scheduled to begin in 2023.
As demand for affordable housing increases in north Charlotte, many seniors are left with limited options. DreamKey is providing more opportunities for residents 55 and older as they plan to build Mallard Creek, a 102-unit affordable rental development for older low-income adults. DreamKey purchased the site with a $750,000 acquisition loan from NeighborWorks Capital.
Another construction project in the works is Johnston Oehler, a 140-unit affordable senior housing community. NeighborWorks Capital provided a $500,000 predevelopment loan to support early-stage costs. The community is expected to be completed in December 2023.
“NeighborWorks Capital has been instrumental to the growth of DreamKey over the years, particularly the growth of our pipeline. We’ve received financing at critical times in our history, and that has been essential for us to grow our mission in Charlotte and elsewhere.”
