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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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