IA Closes on Loan to Finance Affordable Multi-Family Housing for Seniors
Wednesday, October 19, 2016
Invest Atlanta has closed a $14.5-million tax-exempt loan to finance Gateway Capital View, a much-needed, 160-unit affordable housing community for senior citizens near the Oakland City MARTA station and within the BeltLine Tax Allocation District. It’s the first Freddie Mac tax-exempt loan transaction that Invest Atlanta has concluded.
“This project will add more affordable housing to the BeltLine and provides another transit-oriented development in the city near a MARTA station,” said Alan Ferguson, vice president and deputy director of community development for Invest Atlanta.
Since all of the units at Gateway Capital View will include Project Based Rental Assistance from the Atlanta Housing Authority, none of the residents will pay more than 30 percent of their income for housing costs. Construction of the project should begin this fall with the first units becoming available in 12-14 months.
The transaction, which Invest Atlanta closed in fewer than 150 days, is IA’s first with Prestwick Development, a well-established developer that operates in the Southeast. IA expects to engage in more closings with Prestwick in the coming months in areas that include Memorial Drive in East Atlanta.Tweet