54 Unit Senior Apartment Community Under Construction in High Point

From the Triad Business Journal:

Jamestown-based Wynnefield Properties has begun construction on Admiral Pointe, a 54-unit, 52,000-square-foot senior apartment development in High Point with a value of at least $5 million.

Admiral Pointe is one of several projects that Wynnefield Properties has planned for the Triad including Sunset Place, a 52-unit, $6.6 million apartment complex in Asheboro…

Admiral Pointe is located near the intersection of Wendover Avenue and Samet Drive and near a proposed Walmart Neighborhood Market in north High Point.

Admiral Pointe is being funded in part with about $1.2 million from the North Carolina Housing Finance Agency, which provided nearly $400,000 in federal housing credits. Those credits are sold to investors and used as equity for the project. The agency also provided an $800,000 loan for Admiral Pointe.