Public-Private Partnership Generates $85M for 100% Affordable Atlanta Community

Exact Capital is leading a public-private partnership that is developing 250 units of affordable housing in Atlanta.

Skyline Apartments will rise on an undeveloped stretch of Hank Aaron Drive SE, a mile and a quarter from downtown Atlanta. The development has a total capitalization of approximately $85 million and is part of a larger multi-phase public-private partnership investment located within the Peoplestown neighborhood.

The 100% affordable Skyline Apartments will have rents restricted at 60 percent of Area Median Income (AMI.) The property will comprise an eleven-story building with two residential towers and a connecting ground floor of commercial space and parking for residents, as well as a rooftop recreation area.

• Goldman Sachs has provided a construction loan of $56 million.
• Walker & Dunlop has arranged a Fannie Mae permanent loan.
• Invest Atlanta’s Urban Residential Finance Authority has provided a $40-million tax exempt bond issuance.
• Stonehenge Capital has invested $21 million in State Low Income Housing Tax Credit Equity.
• The Local Initiatives Support Corporation has provided a loan of $1.8 million.
• The Atlanta BeltLine Affordable Housing Trust Fund has provided a grant of $2 million.
• Additional support has been provided by True Fund’s Impact Developers Fund through a preferred equity investment, and funding also includes Federal Low Income Housing Tax Credits of $35 million.