ASREF’s $1.0M investment funded the rehabilitation of four buildings in Winston-Salem, North Carolina to create 46 housing units and a permanent home for a local church.
Chatham Mill was originally built in Winston-Salem, North Carolina in 1907 by the Chatham Manufacturing Company, a North Carolina textiles producer. It is a complex of several industrial buildings on a six-acre site located at the intersection of Chatham Road and Northwest Boulevard. During the first century from its establishment, the Mill site underwent significant expansion, changing hands several times in the process and suffering environmental contamination along the way. It was fully abandoned in 2006, and over the passing years, became a blight on the surrounding community.
The site was acquired in 2012 by TXMO, LLC. Selected for its adaptability, the site was recognized by the North Central Winston-Salem Area Plan for its high flexibility to accommodate several types of development.
| Asset Type | Mixed-use office/residential |
| Development Type | Brownfield redevelopment; Adaptive reuse |
| Previous Use | Industrial Space |
| Investment Closing Date | 2018-04-20 |
| Total Development Area | 6 acres (260,000 SF) |
| Construction Timeframe | Start: Mar 2015; Finish: Q2 2022 |
$1.2M
$1.0M
$2.2M
$0.5M
$0.2M
$0.7M
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TXMO, LLC is a joint effort between Belmont Sayre and Jerry Deakle & Associates, Inc. to implement the three-phase development plan to completely transform the Brownfield site.
| Location | 854 & 870 W. Northwest Blvd. Winston Salem, NC 27101; 850 & 890 Chatham Rd. Winston Salem, NC 27101 |
| Area | Winston-Salem |
| LMI Community Status | N/A |
| Unemployment Rate | 27% |
| Poverty Rate | 62% |
| % Minority | 54% (45% African American) |
Financing has closed and construction is underway on Phase II redevelopment of the former Chatham Mill in Winston‐Salem. Phase II continues revitalization of the mill’s long‐abandoned buildings.
Richard Craver provides insight into the transformation of the old Chatham Mill textile complex into the Mill 800 apartments.
Local publication Triad Business Journal reports on ASREF's investments in the former Chatham Manufacturing Co. cotton mill complex as it prepares to undergo construction.
John Brasier writes about the development of the Chatham Mill, including its central location, completed renovations, and new amenities.
Tanya Sterling dives into the Phase II redevelopment of the former Chatham Mill in Winston-Salem and the transformation of the dilapidated buildings into community and office spaces that will support housing and jobs.
Catherine Carlock writes about Ken Reiter and Jerry Deakle, the owner-developers behind the Chatham Mill mixed-use redevelopment project.
ASREF’s $1 million mezzanine loan investment in Phases II and III of the Chatham Mill redevelopment satisfies the community development definition by providing community services targeted to LMI individuals. Targeted, qualified community services include child care, education, health services, social services, youth programs and homeless services. The Phase II redevelopment will house Two Cities Church, a nonprofit organization that targets services to local LMI individuals.
