Dominium Breaks Ground on Georgia Affordable Development
The 202-unit community catering to adults aged 55 and over is the company’s first project in Newnan.
Ashlynn Ridge. Image courtesy of Dominium
Dominium, in partnership with The Searles Foundation, has started construction on Ashlynn Ridge, a 202-unit affordable housing project in Newnan, Ga., catering to adults aged 55 and over.
Development partners include the City of Newnan, WD Construction, Vaughn & Melton, Winthrop & Weinstine, Colliers and First American Title. Delivery is slated for the fall of 2022.
Designed by Martin Riley Associates, the community will take shape at 2001 Newnan Crossing Bypass. Upon completion, the four-story building will house one- to three-bedroom floorplans ranging from 753 to 1,300 square feet.
Common-area amenities will include a fitness center, business center, theatre and beauty salon. In addition, the property will provide facilities and services specifically designed for the elderly such as a garden, courtyard and grilling areas.
The development site is 4 miles southeast of downtown Newnan, just west of Interstate 85. There are several shopping and dining options 1 mile northeast, alongside Newnan Crossing Boulevard, and Piedmont Newnan Hospital is less than 2 miles southeast.
Ashlynn Ridge is Dominium’s first project in Newnan. However, the company has been developing projects in and about Atlanta during the last six months, addressing the metro’s affordability issues. In December, Dominium broke ground on three affordable senior properties, totaling 718 units, in Lithonia, Ga., Lawrenceville, Ga., and Dacula, Ga.
Project financing
The $45 million development received financing from both public and private sources. The Housing Authority of the City of Newnan issued tax-exempt bonds for the project and the Georgia Department of Community Affairs awarded 4 percent federal and state affordable housing tax credits which were purchased by Synovus Bank and Monarch Private Capital, respectively.
Private financing includes a Freddie Mac forward tax-exempt loan from Berkadia and a tax-exempt construction loan and taxable equity bridge loan, both serviced by Synovus Bank.
