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$54M Plant 64 Apartment Homes Development Officially Opens with Ribbon-Cutting in Winston-Salem, N.C.

October 10, 2014

Winston-Salem, N.C. (October 10, 2014) – The highly anticipated Plant 64 Apartment Homes, located in the heart of downtown Winston-Salem, N.C., had a grand opening and ribbon-cutting ceremony yesterday to officially open the new luxury loft community. City officials, other dignitaries and representatives from Bank of America Merrill Lynch and Nationwide participated in the event. The $54 million, adaptive re-use development boasts 423,000 square feet of total space. Plant 64 was developed in partnership by Pennrose Properties, LLC, and C.A. Harrison Companies, LLC. It is professionally managed by Bonaventure Property Management.  Financing was provided by Bank of America, N.A., Nationwide and Stonehenge Capital.

undefinedPlant 64 Apartment Homes combines nostalgia with contemporary luxury. Originally built in 1916 as the site of one of the oldest R.J. Reynolds tobacco buildings, Plant 64 has been transformed into 242 one-, two- and three-bedroom apartments. Each living space has been thoughtfully designed for comfort and convenience, and stylishly appointed. The community amenities include controlled access entry, roof terrace with grill, outdoor theater, fitness center, pool, sports court and more. To learn more, visit www.Plant64.com.

“Pennrose is thrilled to participate in the tremendous investment and excitement associated with the Innovation Corridor,” said Richard K. Barnhart, CEO and chairman, Pennrose Properties. “Our residents have direct access to the Rails to Trails, can enjoy the most amenitized building in Winston-Salem and are conveniently located just steps from thousands of high tech jobs.”

“It was a long process to make this development a reality, but well worth it,” said Christopher Harrison, president, C.A. Harrison Companies. “I think that people will be extremely impressed with the modern features and variety of amenity spaces we have included in such a historic location. It raises the bar for apartment living in Winston-Salem.”

“Bank of America is pleased to lend its support, including its expertise in investments using historic tax credits, to the revitalization of downtown Winston-Salem,” said Brian Tracey, Community Development Lending and Investments Executive for Bank of America Merrill Lynch. “We are proud to work with two accomplished developers, Pennrose Properties and Harrison Companies, in providing more than $40 million in debt and equity financing for the re- use of this landmark property.”

Other activities at the opening event included a parachutist with Carolina Skydiving and the Winston-Salem State University marching band.

Rents range from $885-$1110 for a one-bedroom apartment to $1525-$1795 for a three- bedroom. For leasing information, call 336-793-2282 or visit the leasing office at 545 Power

Plant Circle. Office hours are Monday from 8:30-5:30, Tuesday through Friday from 8:30-6:00, and Saturday from 9:00-6:00. Additional times are available by appointment. To learn more, visit www.Plant64.com.