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Atlanta & Southeast  + Atlanta Metro  + Apartments  |  September 2, 2021
David Cohen
By: David Cohen

KeyBank Provides $28M for Affordable Housing Project in Clayton County

KeyBank Real Estate Capital has secured $28.1 million of fixed-rate Fannie Mae financing for the construction of Villas at Mt. Zion and Flats at Mt. Zion in Clayton County, GA.

The developments, which are a joint venture partnership between Zimmerman Properties and TriStar, LLC consist of two affordable housing communities. The first, Villas at Mt. Zion, is a 96-unit senior, independent living community. The second is Flats at Mt. Zion, a 210-unit multi-family community targeting families with children. Both communities are being developed under the Federal Low-Income Housing Tax Credit Program and designated for individuals and families with rent and income limits within 50%, 60% and 70% of the Area Median Income (AMI).

Robbie Lynn of KeyBank Real Estate Capital’s commercial mortgage group structured the financing. Sam Adams of KeyBanc Capital Markets’ Public Finance Group served as the bond underwriter.

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KeyBank’s Lynn

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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