Dominium has taken a refinancing package of $9.4 million for Mill Creek Place, a 128-unit affordable housing community in the western suburbs of Atlanta. Dougherty Mortgage originated the Fannie Mae loan, which backs a 16-year revenue bond series bearing a fixed interest rate of 3.5 percent, per data from the Municipal Securities Rulemaking Board.
The owner will use the bond’s proceeds to release an acquisition loan of $8.4 million from 2017, held by the Canadian Imperial Bank of Commerce, according to Yardi Matrix. Dominium plans to secure additional financing using tax credit equity to fund approximately $6 million in renovation work on the asset, per the bond documents.
Located at 7101 W. Strickland St. in Douglasville, Ga., the asset is positioned along U.S. Highway 78 and sits within three miles of Interstate 20, providing direct access 20 miles east into central Atlanta. The property’s seven buildings include a mix of one- and two-bedroom apartments, ranging in size from 1,222 to 1,432 square feet. All of the units are rent restricted through 2048 through HUD’s Low-Income Housing Tax Credits program. Community amenities include a swimming pool, laundry facilities, a fitness center, a business center and a playground.
Image courtesy of Yardi Matrix